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News
December 6, 2002
Envoy: Vietnam Exports to U.S.
Double
HANOI, Vietnam (AP)
- The U.S. ambassador to Vietnam on Friday praised a one-year-old historic
agreement that has doubled Vietnamese exports to America and solidified
relations between the former enemies.
Calling the agreement "a cornerstone" of U.S.-Vietnam relations, Ambassador
Raymond Burghardt said the deal has brought clear benefits to both nations
despite a simmering dispute over catfish sales.
"There has really been a boom in two-way trade and growing optimism regarding
current and future economic relations," he said at a press conference.
According to the United States, Vietnamese exports to the American market have
more than doubled from $736 million to $1.57 billion in the first nine months of
the year. Textile and garments, footwear and seafood exports have all seen
dramatic boosts.
Meanwhile, the U.S. has seen its exports to Vietnam increase by about 30
percent, with the top products being cotton, fertilizer and air pumps.
The two nations forged a historic agreement on Dec. 10, 2001 that completed a
lengthy reconciliation period formally begun when then-U.S. President Bill
Clinton lifted the trade embargo against Vietnam in 1994.
The deal gave Vietnam access to the U.S. market under the same low tariffs given
to other nations in exchange for opening up its markets to foreign competition
and international standards.
U.S. tariffs immediately dropped from an average of 40 percent to 3 percent.
Total bilateral trade between the countries is expected to rise to more than $2
billion for the year, according to Vietnam's Ministry of Trade.
However, the first year has also been marked by an increasingly bitter trade
dispute, with American catfish farmers accusing Vietnam of dumping Mekong-bred
catfish on the U.S. market at below-market prices.
A legal battle has ensued, with the American industry fighting to impose tariffs
of nearly 200 percent on the Vietnamese fish.
On Friday, Burghardt sought to downplay the tensions, saying "the more trade you
have, the more disputes you have."
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