US President George W. Bush on December 20 ratified a legislation establishing Permanent Normal Trade Relations (PNTR) with Vietnam which was approved by the US House of Representatives and the US Senate on December 9.

The main content of the legislation removes Vietnam from the Jackson-Vanick amendment imposed on Vietnam since 1974, ending discriminatory treatment against Vietnamese export products. As a result, all commodities exchanged between the US and Vietnam will be equally treated in line with the World Trade Organisation (WTO) rules.

Speaking after signing the legislation, President Bush said that with this bill, the US will broaden its trade relations with Vietnam.

“It's in the interest of the US to promote prosperity around the world, and the best way to do so is through opening up markets and free and fair trade,” he added.

He stressed that Vietnam will officially join the World Trade Organisation (WTO) in January 2007 and “you'd be amazed at what it's like to be in Vietnam.”

President Bush also said that he and his wife, Laura, just returned from Vietnam where they saw an outpouring of affection for the American people. There're amazing changes taking place in Vietnam as the economy has opened up, he added, emphasising that Vietnam is demonstrating a strong commitment to economic reform.

The US President also said he believes that Vietnam is going to encourage political reform and greater respect for human rights and human dignity.

The same day, US Trade Representative Susan Schwab issued a press release welcoming the official promulgation of PNTR legislation for Vietnam.

The press release said US President Bush has opened up a new era of opportunities for economic cooperation between the US and Vietnam. PNTR will allow the US to enter “Most Favoured Nation Status” relations in which the two countries will benefit from Vietnam’s entry into the WTO.