VietNamNet Bridge – Two years have passed since the day the US granted Vietnam permanent normal trade relations (December 9). This has paved the way for the further development of cooperation between the two countries. VietNamNet talked with the Vietnamese Ambassador to the US about Vietnam-US ties.

Ambassador Le Cong Phung.

How has the relationship between Vietnam and the US developed since the PNTR status was granted to Vietnam?

The PNTR is mainly related to economics and trade. Two years have passed since the day the PNTR was approved but I think the economic and trade ties between the two countries have robustly developed since the two sides signed the Bilateral Trade Agreement (BTA) in 2001.

In the past two years, thanks to the PNTR, two-way trade revenue has grown strongly. The US has become the largest export market for Vietnam while the US’ investment in Vietnam has developed quickly. In late 2007, the US ranked fifth among the top foreign investors in Vietnam. This year, despite financial difficulties and high inflation, American investment in Vietnam is still big.

The two countries also signed the Trade and Investment Framework Agreement (TIFA). The US wants to actively further cooperation with Vietnam in some fields, including negotiation of a bilateral investment agreement. If this agreement is signed, it will create a stable legal corridor and mutual trust between US investors and businesses in Vietnam.

Since the PNTR was approved and Vietnam’s accession to the World Trade Organization (WTO), US investment projects in Vietnam have increased in both number and value. What do US investors think about the Vietnamese market, according to your observations?

US investors are very prudent but when they decide to invest in a project, they are determined to realise it. We are pleased to see a trend of US investment in Vietnam.

I’ve been to some big states in the US and I see that US investors believe in the development of the Vietnamese economy thanks to the political and social stability of the country and its favourable investment environment, though there are still some issues. So they want to seek business opportunities in Vietnam.

How will the difficulties of the US economy influence the US’ investment and trade with Vietnam?

As the whole world is afflicted by economic difficulties, impacts on US-Vietnam investment and trade are natural. But even in that context, American businessmen and officials of states still have come to Vietnam to survey the market and seek cooperation opportunities. US businessmen still want to promote investment and trade with Vietnam.

When will the Vietnamese consulate in Houston, Texas be opened?

The two foreign ministries are discussing this issue. The US also wants to expand its consulate in HCM City. Negotiations are about to close. I hope that in the next several months, the Vietnamese consulate in Houston will open.

The US has said it intends to open a consulate in the central city of Da Nang. How is this work going?

The US previously expressed the idea of opening a consulate in Da Nang, but they haven’t brought it up again. They want to expand the consular area of HCM City to the central region and the southeastern and southwestern regions while we want to open the general consulate in Houston and a consulate in Seattle.

Is the volume of overseas remittance sent back home by Vietnamese-Americans this year affected by the US economy’s difficulties?

Yes, it is. Because Vietnamese in the US are not rich. The richer they are, the greater the losses they have suffered. But we don’t have statistics about overseas remittance from the US.

How about the exemption of visas for Vietnamese-Americans?

There are 1.5 million Vietnamese people in the US and they are exempted from entry visas to Vietnam, except some who are banned from entering Vietnam. This is the same rule as in any country. Everyone who respects the law, is not publicly hostile to Vietnam, enjoys the visa exemption right.

Xuan Linh