United States Vietnam Trade Agreement

In many cases, Vietnam has already made high commitments in these areas under the CPTPP and its EU trade agreement, so these agreements should not be a conceptual leap for Vietnam. In practice, many of these obligations are often applied on the basis of the most favoured nation anyway. No changes in U.S. law would be necessary and the United States would have the opportunity to assist Vietnam in implementing provisions that improve U.S. access to an important market. 1. Each party provides adequate and effective protection and application of intellectual property rights to the other party`s nationals on its territory. 2. The parties recognize the fundamental objectives of public order in national IP protection systems, including technological and development objectives, and ensure that measures to protect and respect intellectual property rights do not themselves become obstacles to legitimate trade. (3) In order to ensure adequate and effective protection and the application of intellectual property rights, each party adopted this chapter and the material economic provisions of: The BTA came into force on 10 December 2001 at a ceremony at Blair House with Deputy Prime Minister Nguyen Tan Dung, Trade Secretary Vu Khoan and US Trade Representative Robert Zoellick.

[8] The BTA extended to Vietnam “under the condition of the most favoured nation (MFN) commercial status”,[1] also known as “normal trade relations” (NTR). [1] On 29 December 2006, President George W. Bush granted Vietnam, which was part of Vietnam`s accession to the World Trade Organization (WTO), the status of normal trade relations (PNTR). [8] Bilateral trade relations have developed more rapidly since the signing of the BTA. [3] The U.S. government has approved annual funding of $4 million to $5 million to support Vietnam`s economic reforms. [1] (i) Articles 4 and 10.1 apply to expropriations; and (ii) Article 4 applies to an investment agreement or investment authorization. Under U.S. law, a bilateral trade agreement must be concluded and approved by Congress for Vietnam to obtain annual NTR status, and the President must waive the “Jackson Vanik” provision, which states that such a waiver would greatly promote Vietnam`s freedom of emigration.

Since 1998, the President has granted Jackson Vanik`s annual waiver to Vietnam. Thus, the conclusion of this agreement and its subsequent approval by Congress would pave the way for Vietnam to obtain NTR treatment each year.