[Federal Register Volume 60, Number 46 (Thursday, March 9, 1995)]
[Rules and Regulations]
[Pages 12885-12886]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-5858]



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DEPARTMENT OF THE TREASURY


Office of Foreign Assets Control

31 CFR Part 500


Foreign Assets Control Regulations; Unblocking of Vietnamese 
Assets

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Final rule.

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SUMMARY: Pursuant to the claims settlement agreement entered into on 
January 28, 1995, between the Government of the United States and the 
Government of the Socialist Republic of Vietnam, the Office of Foreign 
Assets Control is unblocking assets in which Vietnam or a national 
thereof has an interest, blocked pursuant to the Foreign Assets Control 
Regulations.

EFFECTIVE DATE: March 6, 1995.

FOR FURTHER INFORMATION CONTACT: Steven I. Pinter, Chief of Licensing 
(tel.: 202/622-2480), or William B. Hoffman, Chief Counsel (tel.: 202/
622-2410), Office of Foreign Assets Control, Department of the 
Treasury, Washington, D.C. 20220.

SUPPLEMENTARY INFORMATION:

Electronic Availability

    This document is available as an electronic file on The Federal 
Bulletin Board the day of publication in the Federal Register. By modem 
dial 202/512-1387 or call 202/512-1530 for disks or paper copies. This 
file is available in Postscript, WordPerfect 5.1 and ASCII.

Background

    On February 3, 1994, President Clinton lifted the trade embargo 
against Vietnam and authorized new financial and other transactions 
with Vietnam and its nationals. Property blocked as of February 3, 
1994, because of an interest therein of Vietnam or its nationals, 
however, remained blocked pending a claims settlement agreement between 
the two countries. On January 28, 1995, an agreement was reached 
between the United States Government and the Government of the 
Socialist Republic of Vietnam, in which Vietnam agreed to pay $208.5 
million in settlement of outstanding U.S. private and government 
claims, and providing that the remaining Vietnamese property be 
unblocked. Accordingly, this rule amends the Foreign Assets Control 
Regulations, 31 CFR part 500 (``FACR''), to unblock assets held in the 
name of the Vietnamese Government or a national thereof on February 3, 
1994.
    Because the FACR involve a foreign affairs function, Executive 
Order 12866 and the provisions of the Administrative Procedure Act, 5 
U.S.C. 553, requiring notice of proposed rulemaking, opportunity for 
public participation, and delay in effective date, are inapplicable. 
Because no notice of proposed rulemaking is required for this rule, the 
Regulatory Flexibility Act, 5 U.S.C. 601-612, does not apply.

List of Subjects in 31 CFR Part 500

    Administrative practice and procedure, Banks, Banking, Blocking of 
assets, Cambodia, Exports, Fines and penalties, Finance, Foreign 
investment in the United States, Foreign trade, [[Page 12886]] Imports, 
Information and informational materials, International organizations, 
North Korea, Reporting and recordkeeping requirements, Securities, 
Services, Travel restrictions, Trusts and estates, Vietnam.
    For the reasons set forth in the preamble, 31 CFR part 500 is 
amended as follows:

PART 500--FOREIGN ASSETS CONTROL REGULATIONS

    1.The authority citation for part 500 continues to read as follows:
    Authority: 50 U.S.C. App. 5, as amended; E.O. 9193, 7 FR 5205, 3 
CFR, 1938-1943 Comp., p. 1174; E.O. 9989, 13 FR 4891, 3 CFR, 1943-
1948 Comp., p. 748.

Subpart E--Licenses, Authorizations and Statements of Licensing 
Policy

    2. Section 500.578 is revised to read as follows:


Sec. 500.578  Vietnamese property unblocked.

    All transactions otherwise prohibited by this part which involve 
property in which a designated national of Vietnam has an interest are 
authorized.

    Dated: February 22, 1995.
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
    Approved: February 23, 1995.
John Berry,
Deputy Assistant Secretary (Enforcement).
[FR Doc. 95-5858 Filed 3-6-95; 4:52 pm]
BILLING CODE 4810-25-F