Mike Thompson: “as a combat Vietnam veteran, I have a strong personal understanding of why granting Permanent Normal Trade Relations…”

“as a combat Vietnam veteran, I have a strong personal understanding of why granting Permanent Normal Trade Relations status to Vietnam is so important for both our country and theirs. Reconciliation with our former adversary has been a long and on-going effort, and today we are taking a long step toward furthering that process. This process began more than a decade ago when we lifted the trade embargo on Vietnam in recognition of the cooperation received from Vietnam in POW/MIA accounting. In May, the United States and Vietnam signed a bilateral WTO accession agreement, which was required as part of Vietnam's bid to join the WTO. For the United States to participate in this trade agreement, Congress must pass legislation granting PNTR to Vietnam. Mr. Speaker, it's important to understand that congressional approval of PNTR for Vietnam is a necessary step toward maintaining our competitive edge in the 21st century global economy. By passing PNTR, farmers, ranchers, businesses, manufacturers and consumers will be able to take full advantage of Vietnam's rapidly expanding economy. The facts speak for themselves: Vietnam has become our fastest growing export market in Asia. In just the last five years, trade between the U.S. and Vietnam has increased more than 400 percent, going from under $1 billion a year to $7.8 billion.”