Executive Vice President of the US Chamber of Commerce, Bruce Josten said the approval of the trade package including a bill on Permanent Normal Trade Relations (PNTR) status to Vietnam is an early Christmas gift for US companies, labourers and consumers who will benefit from the trade promotion. The trade package including Vietnam PNTR legislation is fully in line with US economic interests, said Mr Josten.

According to the general public, the approval of PNTR status for Vietnam to establish mutually-beneficial normal trade relations is a new landmark in the process of fully normalizing Vietnam-US  trade relations which has lasted more than 10  years.

Meanwhile, US Trade Representative Susan Schwab hailed Friday's vote, saying increased trade has not only helped workers in poor countries but has lowered prices for US consumers. The bill will allow US goods to access the rapid-growing Vietnamese market and will open up a new era in relations between the two countries, Mrs Schwab said.

According to Thomas O’Dore, vice chairman of the American Chamber of Commerce, the US approval of the permanent normal trade relations (PNTR) status for Vietnam will benefit not only Vietnam but also the US. This is a significant step towards promoting bilateral relations between the two countries.

Mr O’Dore said every people know that Vietnam deserves to have that status and the US should grant it to Vietnam for the benefit of US businesses themselves. He noted that the major groups of corporations, companies, enterprises, trade unions and social organisations have strongly supported the approval of PNTR status for Vietnam as they want to penetrate the Vietnamese market. US businesses are very keen on the Vietnamese market. Without having PNTR status in place, their entry to the Vietnamese market will be limited in comparison to other WTO member markets.

There are many opportunities for Vietnamese enterprises to do business in the US as its doors are opened for all partners, Mr O’Dore said. They can either export common goods or build strong trademarks in the US market.

Regarding risks such as trade disputes and anti-dumping lawsuits, Mr O’Dore said when Vietnam becomes a WTO member it can access the US market as well as other markets under the organisation framework according to the common laws. Enterprises can be put at risk while doing business with the US but they can also gain valuable experiences. US business regulations are so complicated that Vietnamese enterprises should spend more time studying the business environment, political system and society before penetrating the market.

The US and Vietnam will become main partners in the future and develop the bilateral partnership in all fields, Mr O’Dore said. Vietnam has made significant progress in improving the investment environment and the US has also realized that Vietnam is an important partner in the region, Mr O’Dore added.