Trade deal paves way for Vietnamese exporters

For exporters, the trade deal between Vietnam and the United States signed last week was long overdue. Banks are also rubbing their hands with glee.

After four arduous years, the trade agreement between the United States and Vietnam has finally been signed. If approved by the US Congress, the agreement will pave the way for the normalization of trade relations between the former warring states.

The agreement will provide Vietnam with access to the US market on the same terms granted to most other nations. US tariffs are on average 40% of the cost of Vietnamese exports, but on certain garments and textiles the tariff is as high as 93%. All the tariffs are expected to be gradually lowered to less than 3%. As a result, the World Bank estimates, Vietnamese exports to the US will increase by approximately...

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