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Vietnam opening for trade

Miranda Kennedy Oct 25, 2006


SCOTT JAGOW: Vietnam has been trying to get into the World Trade Organization for more than a decade. It appears that’s finally going to happen. More now from Miranda Kennedy.

MIRANDA KENNEDY: Vietnam is Asia’s best performing economy after China.

Until recently, its international trade has been hampered by its communist control economy, but a WTO draft report out this week says Vietnam has made the reforms necessary for it to join the world trade body.

Walter Blocker, chair of the American Chamber of Commerce in Ho Chin Min City, says U.S. businesses are eager to get a piece of Vietnam.

WALTER BLOCKER: Certain segments of the market that were not open for American investment will now be open for foreign investment, and those are areas where America is particularly strong: financial services, mining, minerals. And that’s great for American exports.

Earlier this year, Vietnam knocked down a lot of its trade barriers to negotiate a trade agreement with the U.S.

The timing couldn’t be better. Next month Vietnam will host President George Bush and a slew of other leaders for an Asian summit meeting.

I’m Miranda Kennedy for Marketplace.

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