Fact Sheet: President Clinton: New Opportunities for the United States & Vietnam Through Expanding Economic Ties, Trade, & Investment (11/19/00)
                              THE WHITE HOUSE

                       Office of the Press Secretary
                        (Ho Chi Minh City, Vietnam)

___________________________________________________________________________
__
For Immediate Release                              November 19, 2000

                                FACT SHEET

   PRESIDENT CLINTON: NEW OPPORTUNITIES FOR THE UNITED STATES & VIETNAM
           THROUGH EXPANDING ECONOMIC TIES, TRADE, & INVESTMENT

President Clinton today will speak about the potential of trade and
investment liberalization and the free flow of information to empower
Vietnamese entrepreneurs, open new markets for U.S. investment and exports,
and build a closer relationship between the two nations in speeches at the
Vietnam International Trade Container Terminal and at the U.S.-Vietnam
Business Reception.

THE BILATERAL TRADE AGREEMENT (BTA) SIGNED ON JULY 13, 2000, EXPANDS THE
POTENTIAL FOR U.S. - VIETNAM COMMERCE.  The BTA is a result of the ongoing
historic reconciliation between the United States and Vietnam and an
essential roadmap for Vietnam's integration into the global economy.  By
normalizing trade relations and committing Vietnam to sweeping economic
reform in the areas of new market access for agricultural and industrial
goods, increased intellectual property rights protections, access for
services, transparency of laws, rules, and regulations, and safeguards for
foreign investments, it will open markets and increase investment.  U.S.
total (two-way) goods trade with Vietnam totaled $900 million in 1999 - up
from $666 million in 1997.  Exports to Vietnam have already increased
considerably from $4 million in 1992 to $291 million in 1999 reflecting
normalization of U.S. - Vietnam relations and should continue to grow as
tariff and non-tariff barriers are lowered.

PRESIDENT CLINTON WILL HIGHLIGHT THE POTENTIAL OF A STRONGER U.S. - VIETNAM
ECONOMIC RELATIONSHIP:
? Vietnam International Trade Container Terminal (VICT): The VICT is a
joint venture between a Vietnamese state-owned company and a multinational
company on the Saigon River just south of downtown Ho Chi  Minh City.
Completed in 1998 at a cost of $53 million, VICT is Vietnam's newest
container terminal and the only one with completely computerized
operations.
? U.S.-Vietnam Business Reception:  President Clinton will also address
over 300 Vietnamese and U.S. business leaders at the U.S.-Vietnam Business
Reception at Ho Chi Minh City Hall on potential of increased trade and
investment.

PRESIDENT CLINTON'S VISIT BRINGS STRENGTHENED U.S.-VIETNAM ECONOMIC TIES:
? OPIC $200 Million Line Of Credit For Vietnam:  OPIC will provide a $200
million special line of credit to support U.S. investors seeking financing
for projects in Vietnam.
? High-Level Economic Dialogue Between the United States & Vietnam: The
United States and Vietnam have agreed to enter into a high-level dialogue
on economic cooperation. The dialogue will be a forum for exchanging views
on economic, trade and labor issues, and coordinate efforts to deepen the
benefits of US-Vietnam engagement on these issues.
? 10 New Contracts/Letters Of Intent:  During and around President
Clinton's visit to Vietnam, there have been several developments in
U.S.-Vietnam commerce --  contracts or letters of intent were signed for 10
sales of U.S. goods and services.

DETAILS OF SITES

Vietnam International Trade Container Terminal:

The President's visit will help demonstrate how foreign and domestic
investment are combining to modernize and industrialize Vietnam and
integrate it into the regional and global economy.  VICT is a joint venture
between a Vietnamese state-owned company and a multinational company with
holdings that include American President Lines, owner of one of the two
U.S. flag cargo fleets.  Completed in 1998 at a cost of $53 million, VICT
is Vietnam's newest container terminal and the only one with completely
computerized operations.  The facility is providing modern market-access
with the basic infrastructure to move goods in and out of a developing
country efficiently.  American President Lines provides VICT's technical
expertise, its senior managers and carries 50 percent of VICT's cargo of
5,000 containers per month.  American President Lines is a co-sponsor,
along with Ford Motor Company, of the "Helmets for Kids" initiative, part
of the Safe Vietnam Program.  American President Lines is donating the
transportation and logistics support to bring motorcycle helmets by
container to the Vietnam.

U.S.-Vietnam Business Reception

President Clinton will also address a gathering of over 300 Vietnamese and
U.S. business leaders at a gathering organized by the U.S. Vietnam Trade
Council, the U.S. ASEAN Business Council and the American Chamber of
Commerce at Ho Chi Minh City Hall.   Representatives from U.S. business
organizations join Vietnamese businesspeople to participate in discussions
on the U.S.-Vietnam Bilateral Trade Agreement, integration of Vietnam into
the international economy, and challenges and opportunities for doing
business locally.  Companies represented at the Forum include:  American
International Group, Boeing, Caltex, Cargill, Cisco, Citigroup, Coca Cola,
Crane International, Daimler-Chrysler, Federal Express, Ford, General
Electric, General Motors, Motorola, New York Life, Nike, Procter & Gamble,
Oracle, UPS, United Technologies Corporation, and Unocal.

DETAILS OF ANNOUNCEMENTS

? OPIC $200 MILLION LINE OF CREDIT FOR VIETNAM: OPIC will provide a $200
million special line of credit for Vietnam to support U.S. investors
seeking financing for potential projects in Vietnam.  Since reopening in
Vietnam, OPIC has committed $15 million in finance support to three
projects and has registrations for 29 projects seeking political risk
insurance.  OPIC also supports four privately managed private equity funds
that are eligible to invest up to $640 million in projects in Vietnam.

? HIGH-LEVEL ECONOMIC DIALOGUE BETWEEN THE UNITED STATES & VIETNAM: The
United States and Vietnam have agreed to enter into a high-level dialogue
on economic cooperation. The dialogue will provide a forum for exchange of
views on economic, trade, labor, science, and technology issues and
coordinate efforts to deepen the benefits of U.S,-Vietnam engagement.  This
dialogue will help take stock of progress in the U.S. - Vietnam bilateral
economic relationship, including the implementation of the Bilateral Trade
Agreement.

CONTRACTS/LETTERS OF INTENT SIGNED BETWEEN THE U.S. & VIETNAM AROUND VISIT

? 10 NEW CONTRACTS/LETTERS OF INTENT BETWEEN U.S. BUSINESSES & VIETNAM:
Developments in U.S.-Vietnam commerce surrounding President Clinton's visit
include contracts or letters of intent for 10 major sales of U.S. goods and
services to Vietnam.
? Boeing 777 Aircraft:  The Government of Vietnam and the Boeing Company
have signed a letter of intent to negotiate the procurement of three Boeing
777-200ER widebody commercial aircraft.
? Fiber Optic Cable Project:  Corning International Corporation intends to
purchase Siemens AG's 50 percent interest in Fiber Optic Cable and
Accessories Limited, subject to the consent of joint venture owner, Vietnam
Post and Telecommunications.  Corning will supply optical fiber to the
joint venture.
? Marine Propulsion Engines and Gear Boxes: V-Trac Holdings, Inc., a
Vietnamese subsidiary and exclusive dealer of Caterpillar, Inc. will sign
an equipment supply contract with Ha Long Investment and Development
Company for the sale of 7 units of Caterpillar's Marine Propulsion Engine,
Model 3421B and gear boxes.
? Sale of Ellicott Dredges: Ellicott International intends to sign two
contracts for dredge and associated support equipment with Vietnam Waterway
Construction Company, a state-owned enterprise.
? Business to Business (B2B) e-Commerce Platform (MeetVietnam.com):
MeetChina.com and the Corporation for Financing and Promoting Technology
will sign an MOU for the creation of a joint venture company and website,
MeetVietnam.com.  The project will provide Vietnamese exporters with a
"virtual storefront" to display goods/services and allow online
ordering/shopping opportunities for overseas buyers.
? Vietnam Business to Business (B2B) Exchange:   Oracle Corporation and
KHM, Inc., an international consulting firm, will sign an MOU with the
Peoples's Committee of Danang City on the creation of a B2B joint venture
that will contribute to the development of Vietnam's two-way foreign trade.
The U.S. export content include software, computer hardware, networking and
telecommunications equipment as well as engineering, business and
management expertise.
? Beach Resort Investment:  American Indochina Resorts, Ltd. intends to
sign a joint venture agreement with Danang Tourism and Service Company that
will enable them to obtain a license to pursue a beach-front resort
development project.
? Eco-Tourism Resort:  Treehouses of Hawaii, Inc. will sign a joint
development agreement with Huong Giang Tourist Company of Thu Thien-Hue for
engineering and technical support for  the creation of an eco-resort
treehouse project designed to bring environmentally friendly tourism to Hue
Province.
? East-West Transportation Corridor Project:  Stanley Consultants, Inc. and
the Louis Berger Group, Inc. along with Vietnam's Transport Engineering
Design Corporation, a subcontractor to the Ministry of Transport, have been
selected to provide detailed design and construction supervision services
for the Asian Development Bank financed Vietnam East Transport Corridor in
Quang Tri Provence.
? TDA Grant for Vietnam Airlines IT Procurement Plan:   Grant agreement
will provide Vietnam Airlines Corporation $475,000 to fund the development
of an Information Technology procurement plan that will include assessing
its technology needs, a strategy for implementation and integration, and a
financing structure for equipment.

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