Sitkoff, Executive Director of the American Chamber of Commerce (AmCham) in Ha Noi, made this remark when he was interviewed by a Viet Nam News Agency reporter after Viet Nam and the US reached an agreement in principle on the former’s WTO accession. The interview runs as follows:

What are your comments on the bilateral agreement-in-principle between the United States and Viet Nam and on the prospect for Viet Nam to join the WTO following the signing of this deal?
AmCham Hanoi members are pleased that both sides were able to come together and solve the tough issues that remained. This agreement is very significant for both countries and paves the way for Viet Nam to enter the WTO sometime later this year. American businesses look forward to the opportunities presented by Viet Nam's WTO accession, including better market access for goods and services and lower import tariffs on both agricultural and industrial goods.

Last weekend's bilateral agreement between the US and Viet Nam makes WTO accession this year much more likely. However, it is important to remember that the bilateral market access talks are only part of the process for entering the WTO. Hard work remains for Viet Nam on completing the multilateral negotiating process in Geneva.

With the bilateral agreement complete, AmCham can now call on the US Congress to grant Viet Nam Permanent Normal Trade Relations (PNTR) status and we will be working with members of the US Congress to pass this important legislation.

What do you think about Viet Nam’s efforts to prepare for its potential WTO accession?

Viet Nam has made many commitments in its quest to join the WTO. These commitments will affect many local businesses. With WTO accession getting closer everyday, it is time for the Vietnamese government and the Viet Nam Chamber of Commerce and Industry to help better prepare local companies for the many changes that will take place under WTO. There will be both challenges and opportunities for Vietnamese businesses and those who are prepared will have an advantage over those who are unprepared.

How will the WTO accession challenge Viet Nam and which opportunities the WTO accession will offer the country?

Viet Nam has seen great change in the 20 years of Doi Moi (Renewal). The country is now in the middle of an extraordinary transformation from an inward-looking command economy to a more open society with a vibrant, free market economy that seeks to engage with the wider world. WTO accession is the next step in this process.

WTO membership will offer more opportunity to millions of young people in Viet Nam. People will see the benefits of more choice, better quality, lower prices, and a system of improved rules that will make it more likely that the entrepreneurial genius of the Vietnamese people can be used for the development of the country.

Young Vietnamese people are competing against young people in Malaysia, Thailand, China, America, Singapore, and many other countries.

WTO will create an economic environment that makes it more likely that young Vietnamese people can reach their full potential.

Do you think that Viet Nam’s accession to the WTO will facilitate US enterprises’ business activities in Viet Nam?

Like most trade agreements, the benefits are never seen overnight. However, one only has to look at the results of the 2001 US-Viet Nam Bilateral Trade Agreement (BTA) to see how trade agreements affect the economic climate here.

In the four and a half years since the BTA, bilateral trade has grown from around 1.5 billion USD to around 8 billion USD. The United States is Viet Nam's largest export market and US businesses have taken advantage of Viet Nam's new openness by becoming the largest foreign investor in Viet Nam.

WTO accession creates the type of economic climate that will encourage additional US participation in Viet Nam's economy.

Source: Vietnam Agency