U.S. prepares for trade mission to Vietnam

U.S. prepares for trade mission to Vietnam    The Bush administration is planning a business development mission to Vietnam later this year.
   The purpose of the mission is to help U.S. companies develop business and government contacts, improve business strategies and obtain market access information. It also provides a platform for addressing policy and commercial issues including transparency, rule of law, intellectual property rights protection, trading and distribution rights, that U.S. companies face in the Vietnamese market, the Commerce Department said.
   Vietnam is one of the newest and fastest growing members of the World Trade Organization. Since the signing of the U.S.-Vietnam Bilateral Trade Agreement in 2001, two-way trade has increased from about $1.5 billion to $9.7 billion. Total U.S. merchandise exports to Vietnam in 2006 were $1.1 billion. Year-to-date through May, U.S. exports have increased 65.1 percent over the same period last year, the Commerce Department said.
   Since Vietnam joined the WTO, tariffs have been reduced on 94 percent of industrial and consumer goods to below 5 percent for key industries such as construction equipment, pharmaceuticals and aircraft.
   Companies interested in participating in the mission should access the Web site www.export.gov/vietnammission , or call the Commerce Department's Office of Business Liaison at (202) 482-1360.