Vietnam-US sign Trade and Investment Framework Agreement

10:18' 22/06/2007 (GMT+7)

President Triet and Chevron's Managing Director & CEO for the Asia South Strategic Business Unit Steve Green (photo: Reuters) VietNamNet Bridge – Vietnamese President Nguyen Minh Triet on June 21 witnessed the signing ceremony of the Vietnam-US Trade and Investment Framework Agreement and some economic contracts. The President also delivered a speech before around 20 CEOs of US leading corporations. Three million overseas Vietnamese can be proud of their native country President Triet arrived at the Andrew Air Force Base in Washington at 8pm, June 20 (local time) (7am June 21, Hanoi time). Welcoming President Triet and his wife at the airport were representatives of the US Department of State, staffs of the Vietnamese Embassy in the US, Vietnamese students in the US and overseas Vietnamese in Washington. Just after his arrival in the Willard InterContinental Washington Hotel, the President met with staffs of the Vietnamese Embassy in the US, Vietnamese students in the US and overseas Vietnamese in Washington and the neighbouring areas. At the meeting, Mr Triet said that more than three million overseas Vietnamese, including those in the US, can be proud of their native country, Vietnam. He highlighted the contributions of overseas Vietnamese to Vietnam and hoped that overseas Vietnamese would always look to their country and return home to see Vietnam’s development. President Triet affirmed that the Vietnamese Party and State always consider the overseas Vietnamese an integral part of the Vietnamese community of nationalities. He said for Vietnam to rise to its current position, many generations of Vietnamese, regardless of whether they are in or outside the country, have made unceasing efforts to contribute to the cause of national construction and defence, especially the reforms over the past 20 years. The President called on overseas Vietnamese to keep close connection with the home country and pass onto young generations their Vietnamese culture, particularly the Vietnamese language. President Triet presents a painting to Ms Barshefsky (Photo: Tuan Anh) President Triet also presented the first-grade Labour Order to staffs of the Vietnamese Embassy in the US and the second-grade Labour Order to Vietnamese Ambassador to the US Nguyen Tam Chien for his outstanding contribution to promoting the friendship between Vietnam and the US. In early June 21 (local time), President Triet met with Ambassador Charlene Barshefsky, former US Trade Representative of the Bill Clinton administration, who signed the Vietnam-US Bilateral Trade Agreement (BTA). At the meeting, Mr Triet praised Ms Barshefsky’s efforts to promoting the relationships between the two countries. He expressed the pleasure that Ms Barshefsky continues to hold important positions which can help her further contribute to the relations with Vietnam. He appreciated Ms Barshefsky’s assistance to bring Intel to invest in Vietnam. Through Ms Barshefsky, Mr Triet conveyed his compliments to former President Bill Clinton and his wife, Senator Hillary Clinton. After the meeting, the Vietnamese President and his entourage visited a US farmer family, Mr E. Paul Breaux, the owner of the Breaux Vineyeards farm in Purcellville, Virginia. Vietnam-US trade and investment framework agreement signed At 11.30am, June 21 (local time), the Vietnamese President attended the welcome meeting held in Washington D.C by the US Trade Council and the American chamber of Commerce. He witnessed the signing of the Vietnam-US Trade and Investment Framework Agreement (TIFA) and had a speech before donors and around 20 CEOs of US leading groups. President Triet witnesses the two sides exchanging TIFA documents (Photo: Reuters). Under the witness of President Triet and US Secretary of Commerce Carlos Guitierez, Deputy US Trade Representative Karan Bhatia and Vietnamese Deputy Trade Minister Nguyen Cam Tu signed the TIFA. Under TIFA, the two sides will establish a bilateral cooperation council led by a US and a Vietnamese minister. The agreement is considered a new landmark in the relationships between the two countries, after the BTA signed in 2000, and the first step for a free trade agreement. On the same day, some signing ceremonies took place between Vietnamese and American partners, including the Chevron Oil and Gas Group and the Vietnam Oil and Gas Group (PetroVietnam), Motorola and the Vietnam Post and Telecommunications Group (VNPT), SSA Marine and the Vietnam Shipping Lines Corporation (Vinalines). The total value of those contracts is more than US$1 billion. Vietnamese President meets with leaders of US Congress President Triet met with leaders of the US House of Representatives and US Senate at the Capital Hill at 3pm of the same day. Participating in the meeting were Speaker of the US House of Representatives Nancy Pelosi, Chairman of the Committee on Ways and Means Charles Rangel, House Majority Leader John Boehner, Senate Majority Leader Harry Reid, senator McConnel, and many other congressmen. The Washington Post on June 21 ran a full-page open letter by Vietnamese President Nguyen Minh Triet on the Vietnam-US relationship. “For Vietnam, the United States will always be a key partner, and our commitment to multi-faced cooperation should not be questioned,” the letter says. In the letter, the Vietnamese State President said in spite of the geographical distance between the two countries, Vietnam and the US go back together almost to the birth of America. The Vietnamese Declaration of Independence for example opens with Thomas Jefferson's immortal words, "All men are created equal; they are endowed by their Creator with certain inalienable Rights; among these are Life, Liberty, and pursuit of Happiness." The relationship between the two countries has undergone vicissitudes and a sorrowful past, the Vietnamese President said, while confirming, “today, both the immediate and long-term interests of our two countries, Vietnam and the US are working hard to forge a new chapter in our shared history”. The President also wrote that after a turbulent past, time has aided in healing the wounds that previously divided the two nations and it is now with the present that unprecedented opportunities lay for both countries to build a more sustainable and fruitful relationship. He also expressed his hope that his visit to the US, to culminate in June 23, will help tighten bilateral relations and expand the fields of bilateral cooperation. President Triet also said Vietnam has emerged today as one of the most dynamic and rapidly growing economies in the world, and is now known worldwide as a safe and stable country boasting an attractive business and investment environment. The country, he added, is showing itself to be a responsive and reliable partner in the international community, willing and able to work with all countries for peace, stability and prosperity. He also said that like all Vietnamese, he is very impressed by the dynamism, creativity and openness of the American people. Ending the letter, he said, “may the friendship and cooperation between our two nations be ever-growing”. Viet Nam Net