Foreign Economic Relations
Economic relations with the United States are improving, but are not without challenges. Although the United States and Vietnam reached a landmark bilateral agreement in December 2001, which helped increase Vietnam’s exports to the United States, disagreements over textile and catfish exports are hindering full implementation of the agreement. Further disrupting the economic relations between the two countries were efforts in Congress to link non-humanitarian aid to Vietnam's human rights record. Barriers to trade and intellectual property are also within the purview of bilateral discussions.
Given neighboring China's rapid economic ascendancy, Vietnam highly values its economic relationship with China. Following the resolution of most territorial disputes, trade with China is growing rapidly, and in 2004, Vietnam imported more products from China than from any other country. In November 2004, the Association of Southeast Asian Nations (ASEAN), of which Vietnam is a member, and China announced plans to establish the world’s largest free-trade area by 2010.
Vietnam became a member of the World Trade Organization (WTO) on January 11, 2007.
Read more about this topic: Economy Of Vietnam
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