At 11 pm sharp on May 14, the Vietnamese negotiating delegation on the country's accession to the World Trade Organisation (WTO) led by Deputy Minster of Trade Luong Van Tu returned to Hanoi’s Noi Bai International Airport.

In reply to the media about the results of the 12th round of Vietnam-US negotiations, Mr Tu said the WTO door is now open for Vietnam, marking an important landmark and a breakthrough in the country’s international integration process.

Despite coping with a lot of difficulties, the Vietnamese delegation had great patience for its job of analysing and providing persuasive reasons based on practical and legal foundations to meet US requirements.

Both Vietnam and the US took turns launching initiatives to iron out snags and finally reached a bilateral agreement in-principle. For the present, pending issues continue to be addressed in a clear-cut manner, and we are now waiting for approval from the US Congress.

Mr Tu said when the WTO agreement officially comes into effect, Vietnam will have to continue to disseminate commitments to businesses and labourers so that they are able to grasp the contents of the agreement. In addition, businesses will have to make the best of support from WTO members while being active in coping with major challenges and tough competition in all aspects.

*** Also regarding Vietnam’s entry to the WTO in an interview granted to Thanh Nien (Youth) newspaper, Deputy Foreign Minister Le Van Bang said, "We have devised a plan to ask the US Congress to adopt the Permanent Normal Trade Relations (PNTR) status for Vietnam. Now, we have to race against time to enable the US Congress to endorse the PNTR prior to their summer holidays. It is certain that we will have to meet with the US Congress and even administration. Both the US and Vietnamese businesses should co-operate in campaigning for the US Congress’ approval. I believe that with the goodwill of US congressmen, the approval of the PNTR status for Vietnam will go smoothly."

Earlier, immediately after the Vietnamese delegation issued a press release on the results of the 12th round of Vietnam-US negotiations in Washington, the US-Vietnam Trade Council (USVTC), the US-ASEAN Business Council (USABC), and the US-Vietnam WTO Coalition applauded and welcomed the bilateral agreement-in-principle that has just been reached between the United States and Vietnam on the latter’s accession to the World Trade Organisation (WTO).

"This is a great achievement for our two nations and a historic day. We congratulate both sides for the solid agreement that has been reached," USVTC President Virginia B. Foote said. The USVTC leader added that "in the next stage, the US business community is committed to attaining an extension of the Permanent Normal Trade Relations (PNTR) status for Vietnam by our Congress this summer and look forward to welcoming Vietnam as a member of the WTO soon." For his part, the USABC President, Matthew P. Daley, confirmed that "Vietnam’s accession to the WTO is of enormous significance." "This agreement confirms Vietnam’s commitment to market reform and international economic liberalisation," Mr Daley said, adding that "our companies look forward to accessing the new business opportunities that are presented." According to the USVTC, the agreement now paves the way for the congressional process of extending the PNTR to Vietnam.

The US is the final country to conclude bilateral negotiations with Vietnam, enabling the country to join the WTO, the USVTC reported. *** The results of the 12th round of Vietnam-US negotiations are in the foreign media spotlight. The US Associated Press (AP) said two-way trade value between Vietnam and the US jumped sharply to nearly US$8 billion in 2005 after the Vietnam-US bilateral trade agreement (BTA) was signed in 2001. The agency said that Vietnam will officially join the WTO by the end of 2006 before the Asia-Pacific Economic Co-operation (APEC) Summit takes place in Hanoi in November.

Source: VOV news