US, Viet Nam five years on from BTA

17/07/2007 -- 9:24 PM

Ha Noi (VNA) -The US Deputy Chief of Mission in Viet Nam , Jonathan Aloisi, has said that the Viet Nam-US Bilateral Trade Agreement (BTA) has proved to be helpful for rapid economic growth in Viet Nam . Speaking at a seminar to assess the five-year impact of the agreement on Viet Nam's trade, investment and economy in Ha Noi on July 17, Aloisi said that the BTA has not only stimulated trade between the two countries but also created favourable conditions for Southeast Asia's second fastest economy to attract greater flows of foreign investment. Reports presented by experts at the seminar pointed to Viet Nam's exports to the US as surging 8 fold within five years as hugely positive signs for the country's economy. By the end of 2006, US direct investment into Viet Nam hit the 4.5 billion USD mark, placing it sixth on the list of 75 countries and territories that are investing in the budding Asian tiger. According to Steve Parker, senior economist from the Support for Trade Acceleration (STAR-Vietnam) project, the BTA has created opportunities for Vietnamese businesses to expand trade and investment relations with the US market and conditions for Viet Nam to develop the production of traditional goods that retain a high competitive edge. Parker noted that since the BTA came into effect, the US has slashed the average tax rate on Vietnamese goods from 40 percent to around 4 percent. Attendees at the seminar also called on Viet Nam to continue with legal reforms, increase investment in both the private and State sectors, become more active in the fields of education, vocational training and health care and remain abreast of the challenges that the integration process brings if the country wishes to maintain its dynamic economic growth rates. Sharing the same view with US experts, Tran Dinh Thien, Vice Director of the Viet Nam Economics Institute, said that the BTA was a landmark moment for Viet Nam's economy and that lessons learned from the five-year implementation of the BTA will aid Viet Nam in realising and overcoming the challenges that the country's WTO accession has brought with it.-Enditem
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