With a membership of around 120, most of whom represent America's Fortune 100, the Council represents a broad, dynamic, and highly influential segment of American businesses.

"As Vietnam is seen by an increasing number of foreign businesses as the new frontier for trade and investment in Asia," said Mr. Daley, "an in-country presence of the Council is essential to answering the need of our member corporations for business opportunities here".

About a quarter of the Council’s member companies are operating in Vietnam and the number is expected to rise considerably as others are repositioning their business strategies towards the country.

The inauguration of the Council’s office in Hanoi on Friday is seen as part of an effort to increase American trade and investment in Vietnam. The office has the blessing of Prime Minister Nguyen Tan Dung who has asked Minister of Planning and Investment Vo Hong Phuc to speak on his behalf at the inaugural ceremony. U.S. Ambassador Michael W. Michalak is the other keynote speaker. Invited guests include senior officials from the Government of Vietnam, the U.S. embassy, senior executives from the Council’s member companies and other dignitaries.

This time, the Council is also bringing representatives of top American defense and security corporations on a Southeast Asia tour that will culminate in Hanoi later this week with a meeting with the Vietnamese Prime Minister and the inauguration of the Council’s office here.

The trade mission, whose members represent ITT Aerospace, Lockheed Martin, Northrop Grumman and Oracle, is meeting with top defense and security officials in Indonesia and Singapore before arriving in Hanoi Thursday. The purpose of the mission, according to Council President Matthew P. Daley, is to “create opportunities for dialogue between Vietnamese officials and American defense and security industry leaders.” The mission delegation will be meeting with Prime Minister Nguyen Tan Dung, the Ministry of Defense, the Ministry of Public Security and the Ministry of Transport.

With the Permanent Normal Trade Relations status granted to Vietnam recently and President Bush’s decision last December to remove restrictions on arms transfers to Vietnam on a case-by-case basis as a foundation, Mr. Daley describes this “an exciting and interesting time for our defense and security companies to visit Vietnam.” This is the third Defense & Security Business Mission the Council has brought to Southeast Asia but it is the first time that Vietnam and Indonesia have been part of the tour.

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The US-ASEAN Business Council and affiliates are dedicated to strengthening bilateral and US ASEAN relations and building strong economic and commercial ties. Members of the Council include Fortune 1000 companies in support of promoting trade, investment, and technology cooperation, advancing US ASEAN relations through strong participation in public-private partnerships, and committing to development and corporate social responsibility. The Council's members are represented in diverse industries, including aerospace, agribusiness, automobiles, computers and information technology, consumer goods, energy exploration and development, express delivery services, financial services, health care and pharmaceuticals, media & entertainment, mining, software, and telecommunications.

For information on the US-ASEAN Business Council or general information visit www.us-asean.org.