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Vietnam: Vietnam Trade
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"Vietnam is an attractive market for U.S. exporters, and Ex-Im Bank is prepared to facilitate those sales," Lambright said after the meeting. He noted that the $10 billion in trade between the United States and Vietnam has undergone nearly a seven-fold increase since 2001, while Vietnam's gross domestic product growth rate has topped 8 percent in recent years.
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Vietnam has benefited from increased integration into the global economy and just last week it became the 150th member of the World Trade Organization (WTO). The country has seen huge growth and international investment as more and more companies move in to take advantage of Vietnam's skilled labor force coupled with inexpensive manufacturing capabilities and a highly educated and literate population.
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Unlike Eastern Europe and the former Soviet Union, there has been no dramatic collapse of Communist rule in Vietnam. Instead, its Communist government has taken baby-steps toward economic liberalization, described as a “somewhat Communist interpretation of its capitalist market economy” by Henry Kamm in Dragon Ascending. In step with the Soviet Union’s perestroika, Vietnam’s government permitted doi moi, the name for controlled measures of economic reform in the late 1980s. When the United States normalized diplomatic relations with Vietnam in 1995, the U.S. had already lifted trade sanctions with the country. National coffee production had been growing steadily by the mid-1990s, but now the stage was set for an agricultural gold rush. With global coffee prices at alluringly high levels, ever-increasing amounts of growth space in the highlands was devoted to coffee shrubs, where they had thrived decades before.
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The inauguration of the Council’s office in Hanoi is seen as part of an effort to increase American trade and investment in Vietnam. The office has the blessing of Prime Minister Nguyen Tan Dung who has asked Minister of Planning and Investment Vo Hong Phuc (top picture, right) to speak on his behalf at the inaugural ceremony. U.S. Ambassador Michael W. Michalak is the other keynote speaker. Deputy Minister Pham Binh Minh (bottom picture, right) of the Ministry of Foreign Affairs ... officiated the event. Invited guests include senior officials from the Government of Vietnam, the U.S. embassy, senior executives from the Council’s member companies and other dignitaries. For a press release of the event, click here.
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"We are one of only a few U.S.-based firms in Vietnam," said Sheldon Bonovitz, Chairman of Duane Morris. "Our move into Vietnam reinforces Duane Morris' role as an important factor in one of the fastest-growing economies in the world, as well as our dedication to addressing client needs and expectations across Asia." Sheldon observed that Vietnam has thriving manufacturing, information technology and high-tech industries and a heavy investment concentration from Singapore and other countries in Asia, as well as from the United States. In addition, Vietnam's accession to membership in the World Trade Organization in January promises further economic development in the future.
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TROY, Mich., Jan. 9 /PRNewswire/ -- Automation Alley, a technology business association driving growth in Southeast Michigan's economy, announced today it is accepting applications from companies to participate in its upcoming trade mission to China and Vietnam. The trade mission, scheduled for April 18-26, 2008, will visit Auto China 2008 in Beijing, China, and Hanoi and Ho Chi Minh City in Vietnam.
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