The approval of Permanent Normal Trade Relations (PNTR) status for Vietnam is very good for the US, from which Vietnam will also enjoy and it is hoped that PNTR will be adopted soon by Congress in the upcoming meeting, said US Treasury Secretary Henry Paulson during his talk with Vietnamese students in Hanoi on September 8.

On the sidelines of the 13th Finance Ministers’ Meeting (FMM13) in Hanoi, Mr Paulson met and talked with nearly 1,000 students from the National Economics University about his working experience.

Many questions raised by students focused on the approval of PNTR status for Vietnam.

Mr Paulson said many people in the world have opposed the trade liberalisation process. Therefore, it is not easy to reach a consensus on trade agreements as there remains opposite points of views. Nothing is more important than bringing benefits to the global economy and helping people build a vision towards trade and economic liberalisation, stressed Mr Paulson.

Regarding benefits when Vietnam becomes a full member of the World Trade Organisation (WTO), Mr Paulson said Vietnam’s trade will rapidly increase. However, Vietnam itself should make breakthroughs in enhancing economic reform and combating corruption to facilitate Vietnam’s participation in the WTO admission process.

*** The US House of Representatives should vote on permanent normal trade relations (PNTR) status for Vietnam before President George W. Bush visits the country in mid-November, Radio RFI, the BBC and the Voice of America commented on September 6.

The Washington-Hanoi trade pact paving the way for Vietnam to enjoy PNTR and join the World Trade Organisation has required Vietnam to open the door for US businesses to access the agricultural market, manufacturing industry, services, banking and telecommunication. However, the US will have to remove quotas for Vietnamese garment and textile products.

House Majority Leader John Boehner said on September 5 that the House might wait until the week after the November 7 congressional elections to vote on PNTR status for Vietnam. It will be 10 days before President George Bush leaves for Vietnam to attend the APEC meeting.

According to observers, PNTR status for Vietnam will be voted by both the House of Representatives and the Senate. Though the House of Representatives may delay to vote in November, the Senate can vote but the final vote is scheduled for September.

Source: VOV