The Vietnam-U.S. Normalization Process Page: 8 of 19
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10-03-02
American business in Vietnam since the end of the Vietnam War. The U.S. Export-Import
Bank announced on April 10, 1998 that it was ready to finance sales to Vietnam. On
December 9, 1999, the Ex-Im Bank signed two framework agreements with the State Bank
of Vietnam to facilitate project financing cooperation between the two agencies.
On June 3, 1998, President Clinton issued a required annual waiver on Jackson-Vanik
amendment restrictions regarding Vietnam, China, and other countries. Joint disapproval
resolutions were introduced in the Senate (S.J.Res. 47) and the House (H.J.Res. 120) on June
4, 1998. They were reported adversely by the Senate Finance Committee and the House
Ways and Means Committee. H.J.Res. 120 was defeated in the House on July 30, 1998, roll
call #356 (163 - 260).
On June 3, 1999, President Clinton again issued an annual waiver on Jackson-Vanik
amendment restrictions on U.S. interactions with Vietnam. Joint resolutions disapproving
the President's action were introduced in the Senate (S.J.Res. 28, June 7) and the House
(H.J.Res. 58, June 9). On July 20, the Senate rejected a motion to discharge S.J.Res. 28 from
committee, effectively defeating the measure, roll call #214 (5-94). On August 3, the House
voted down H.J.Res. 58, roll call#365 (130-297). The measure received 33 fewer votes than
it had the previous year.
On June 2, 2000, President Clinton announced his third annual waiver ofJackson-Vanik
amendment restrictions for Vietnam. Joint resolutions disapproving the President's action
were introduced in the Senate (S.J.Res. 47) and the House (H.J.Res. 99). On July 26, 2000,
the House voted down H.J.Res. 99, roll call 441 (91-332). The measure received 39 fewer
votes than it had in 1999, and 72 fewer votes than it had in 1998. Until the U.S.-Vietnam
bilateral trade agreement- which was signed on July 13, 2000 - goes into effect the waiver
does not change Vietnam's current, non-most-favored-nation (MFN), trade status with the
United States. Instead, in the absence of an approved trade agreement, the waiver only
allows OPIC and Export-Import Bank support for U.S. business in Vietnam. In order for the
agreement to go into effect, it must be approved by Congress and the Vietnamese National
Assembly.
Recent U.S.-Vietnam Relations
Economic Ties - the Bilateral Trade AgreementOn December 10, 2001, a sweeping bilateral trade agreement (BTA) between the United
States and Vietnam entered into force. (See CRS Report RL30416, The Vietnam-U.S.
Bilateral Trade Agreement.) The two sides had signed the deal, which by law required
congressional approval, in July 2000, but it had taken over a year to complete the ratification
process. Under the BTA, the U.S. will extend temporary normal trade relations status (NTR,
formerly most-favored nation [MFN]) to Vietnam, a move that would significantly reduce
U.S. tariffs on most imports from Vietnam. In return, Hanoi agreed to undertake a wide
range of market-liberalization measures, including extending NTR treatment to U.S. exports,
reducing tariffs on goods, easing barriers to U.S. services (such as banking and
telecommunications), committing to protect certain intellectual property rights, and providing
additional inducements and protections for inward foreign direct investment.CRS-5
IB98033
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Manyin, Mark E. The Vietnam-U.S. Normalization Process, report, October 3, 2002; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metacrs3053/m1/8/: accessed July 17, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.