VABC, which was founded in February of 1998 by a group of American companies and entrepreneurs, is a response to a need that I saw in trying to do business in Vietnam just after the embargo was lifted. VABC provides a vehicle for our small and medium-sized company members to share their experiences and avoid costly mistakes. In spite of difficulties in doing business with Vietnam, VABC and its members are committed to pursuing business opportunities in Vietnam. Our members are currently involved in over 15 projects. I have submitted a list of the more important projects to the Committee.
Trade is a two way street.
For Vietnam to do business with the US, it needs hard currency that it will only obtain by economic development. Exports will play a large role in this development. By normalizing the trade relations with Vietnam, Vietnam will be able to export and by exporting Vietnam will be able to afford American products and services, which they want very much. Therefore, we urge you to consider the renewal of the waiver of the Jackson- Vanik amendment and that you support the successful negotiation of the bilateral trade agreement. We believe that a mutually beneficial trade relationship is important to both countries and should be given a high priority.