U.S. Business Delegation To Seek Opportunities During Clinton
Visit
Washington, DC. - A delegation from leading U.S. companies will travel to Vietnam November
16-21 in conjunction with President Clinton's historic visit to that country. The mission
- organized by the US-Vietnam Trade Council and the US-ASEAN Business Council - will
explore trade and investment opportunities that are likely to open as a result of the
bilateral trade agreement signed by the two countries in July. The agreement is expected
to take effect next year.
"Vietnam - with nearly 80 million people -- is an exciting market for American
companies," said Lionel Johnson, Citigroup Vice President and Director, International
Government Relations, who is leading the mission. "Many of our companies have been
operating in Vietnam since relations were re-established six years ago. We want to join
the President in strengthening those ties and increasing opportunities for trade between
our countries." Johnson serves on the board of the US-Vietnam Trade Council and is
Chairman of the US-ASEAN Business Council's US-Vietnam Business Committee.
Participants in the mission hope to return from the trip better prepared to seek
Congressional approval of the new trade agreement. "The companies participating in
this mission have a strong commitment to developing our economic relationship with Vietnam
and will be playing an integral role in working for the Congressional enactment of the
trade agreement," said, Virginia Foote, President of the US-Vietnam Trade Council.
US-ASEAN Business Council Senior Director Frances Zwenig said companies are anxious to get
a better understanding of opportunities in Vietnam. "The trade agreement offers the
potential for significant new trade and investment between the U.S. and Vietnam. We will
be meeting with potential business partners as well as government officials to explore
those opportunities."
The delegation also hopes to address some of the existing obstacles to trade and
investment, which have discouraged U.S. companies from expanding in Vietnam.
Members of the group will visit both Hanoi and Ho Chi Minh City where they will meet with
local business leaders, government officials and American investors. They will also be
conducting trade seminars -- in conjunction with senior U.S. government officials -- to
promote trade and investment between the United States and Vietnam.
Vietnam's economy grew by 4.4% last year, and the World Bank recently forecast growth of
5% for this year, followed by a 4.4% expansion in 2001. During the first eight months of
this year, U.S. trade with Vietnam totaled US$783 million, compared with US$510 million
during the same period in 1999.
Among the companies participating in the mission are: ACE INA, American International
Group, American Vietnamese Management Consortium, American President Lines, The Boeing
Company, Bridgecreek, Caltex, Cisco Systems, Inc., Citigroup, The Chubb Corporation, The
Coca-Cola Company, Controls/inc, Crane International, Daimler-Chrysler, Federal Express,
General Electric, General Motors, Harza, Humphrey Healthcare, Lucent, Le Viet Canh &
Vuong Ngoc Quyen Foundation, Motorola, New York Life, Nike, Oracle, Pacific Ventures,
Procter & Gamble, State of Oklahoma, State Street Global Advisors, United Parcel
Service, United Technologies Corporation, and Unocal.
The U.S.-Vietnam Trade Council is a non-profit membership organization, founded in 1989 to
serve as a focal point for American private sector efforts to develop and strengthen
diplomatic and economic ties between the U.S. and Vietnam. The Trade Council, with strong
support from its members, has worked through its offices in Hanoi and Washington, D.C. for
full normalization, and provides technical assistance and fellowships on commercial law
reform. For information on the U.S.-Vietnam Trade Council please visit our website at www.usvtc.org.
US-ASEAN Business Council is a private, non-profit membership organization
working to promote increased trade and investment between the U.S. and the member
countries of ASEAN. For information on the US-ASEAN Business Council or general
information on the ASEAN region, please contact John Goyer at jgoyer@usasean.org or visit the Council’s
Web site at www.us-asean.org.
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advisories as they are issued, click here.
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