Press Release

Commerce Secretary Arrives in Vietnam with 22 American Companies Ready to do Business
First Cabinet-led Business Mission to Vietnam since WTO Accession

HANOI, VIETNAM—U.S. Commerce Secretary Carlos M. Gutierrez today arrived in Hanoi, Vietnam with 22 American companies focused on expanding bilateral trade ties and boosting U.S. export opportunities. It is the first-ever Cabinet Business Development Mission to Hanoi and Ho Chi Minh City. The Business Development Mission to Vietnam is designed to expand bilateral trade ties and boost U.S. export opportunities.

“This delegation of 22 American businesses representing a diverse cross-section of American companies, including automotive, infrastructure, manufacturing, healthcare and tourism – are here in Vietnam to do business,” said Gutierrez. “This is a dynamic opportunity for Vietnam to receive top quality American goods and services and for U.S. businesses to increase exports to a growing market and create American jobs.”

Vietnam’s President Nguyen Minh Triet, during a June meeting with President Bush, stated that he wanted to bring U.S. – Vietnam economic relations to the next level. This first-ever Cabinet Business Development Mission is being led by Secretary Gutierrez in response to that request.

The delegation today met with U.S. Ambassador to Vietnam Michael Michalak, Prime Minister Nguyen Tan Dung, President Nguyen Minh Triet as well as other high level Vietnamese government leaders. The Secretary spoke with the Hanoi American Chamber of Commerce about expanding U.S. exports, improving market access for American goods and services, and building on the momentum for improving bilateral commercial relations between U.S. and Vietnam.

During the trip the 22 businesses were briefed on the environment for business in this growing market and will have the opportunity to establish and develop business and government contacts to expand the amount of business they do with Vietnam. For some participants, this trip is opening the door to Vietnam as a market for the first time and for others this is an opportunity to build on relationships with existing Vietnamese partners as well as cultivate new ones.

Mission participants represent a diverse cross-section of U.S. industries with a strong interest in doing business in Vietnam. Vietnam is one of the world's fastest growing economies, and the business development mission will seeks to expand the market share of U.S. companies doing business there, increase exports and sustain American jobs. The mission strengthens economic relations between Vietnam and the United States following Vietnam’s accession to the World Trade Organization (WTO) earlier this year.

The mission will also provide a platform to strengthen U.S.-Vietnam economic and commercial relations by advocating for openness, transparency, fair trading and distribution rights, and effective protection and enforcement of IPR as keys to ensuring Vietnam’s continued economic development and access for U.S. goods and services.

The Secretary was joined by 22 American Companies: 3M Company, Abaxis Inc., ALCOA Inc., Altec, Inc., AmericanTours International, Baxter International Inc., Carus Corporation, Century Aluminum Company, Cummins Inc., Eaton Corporation, GANNON International, Gerber Scientific, Inc., Marriott International, Inc., Northwest, Airlines Corporation, Oshkosh Truck Corporation, Rockwell Automation, Terex Corporation, The AES Corporation, The Dow Chemical Company, The Ford Motor Company, The Timken Company, VeriSign, Inc.

Also accompanying the delegation are U.S. Ambassador to Vietnam Michael W. Michalak, Chairman and President of the Export Import Bank of the United States Jim Lambright, Manager for Special Projects of the Overseas Private Investment Corporation John F. Moran and Acting Director U.S. Trade and Development Agency Leocadia I. Zak.

Background
Vietnam has a GDP of $61 billion and a young population of 85 million. Since the implementation of the U.S.-Vietnam Bilateral Trade Agreement in 2001, two-way trade has increased from $1.5 billion to $9.7 billion in 2006. During the first eight months of 2007 exports grew 67 percent to $1.044 billion.

For more information on the business development mission, visit www.export.gov/vietnammission.

Note: The companies listed above contain links to their Web sites. The United States Government does not control or guarantee the accuracy, relevance, timeliness, or completeness of any private sector Web site, product or service. The inclusion of these links does not constitute an endorsement or recommendation but are provided solely for the reader’s convenience.