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After a 20-year hiatus of severed ties, President Clinton announced the formal normalization of diplomatic relations with Vietnam on July 11, 1995. Subsequent to President Clinton's normalization announcement, in August 1995, both nations upgraded their Liaison Offices opened during January 1995 to embassy status. As diplomatic ties between the nations grew, the United States opened a consulate general in Ho Chi Minh City, and Vietnam opened a consulate in San Francisco.
U.S. relations with Vietnam have become deeper and more diverse in the years since political normalization. The two countries have broadened their political exchanges through regular dialogues on human rights and regional security. They signed a Bilateral Trade Agreement in July 2000, which went into force in December 2001. In 2003, the two countries signed a Counternarcotics Letter of Agreement, a Civil Aviation Agreement, and a textile agreement.
As of April 27, 2004, the U.S. Government had 1,862 Americans unaccounted for in Southeast Asia, including 1,420 in Vietnam. Since 1973, 721 Americans have been accounted for, including 501 in Vietnam. Additionally, the Department of Defense has confirmed that of the 196 individuals who were "last known alive" (LKA), fewer than 40 of those cases remain unresolved. The United States considers achieving the fullest possible accounting of Americans missing and unaccounted for in Indochina to be one of its highest priorities with Vietnam.
Reflecting the growing diplomatic relations between the two nations, economic relations between the United States and Vietnam have changed dramatically over the past decade. In July 1993, subsequent to the opening of the U.S. repatriation office in Ho Chi Minh City, the U.S. dropped its objections to bilateral and multilateral lending to Vietnam. In February 1994, following substantial Vietnamese cooperation on prisoners of war/missing in action (POW/MIA) issues, President Clinton removed the longstanding trade embargo on Vietnam. In March 1998, President Clinton granted a Jackson-Vanik waiver to Vietnam, which has been renewed annually ever since. (A Jackson-Vanik waiver is required along with U.S. congressional approval of a bilateral trade agreement in order to grant Vietnam normal trading rights. This waiver must be renewed annually and is based on Vietnam's cooperation on emigration issues.) In October 2000, President Clinton paid the first visit of a U.S. President to Vietnam since the end of the war. He was met by enormous crowds of well-wishers lining the routes of his visits in both Hanoi and Ho Chi Minh City. On December 10, 2001, the U.S.-Vietnam Bilateral Trade Agreement entered into force.
Since entry into force of the BTA, increased trade between the U.S. and Vietnam, combined with large-scale U.S. investment in Vietnam, evidence the maturing U.S.-Vietnam economic relationship. In 2003, Vietnam exported $5.55 billion of goods to the U.S. and imported $1.32 billion of U.S. goods. Similarly, U.S. interests continue to invest directly in the Vietnamese economy. During 2003, the U.S. private sector committed more than $45 million to Vietnam in foreign direct investment.
Another sign of the expanding bilateral relationship is the signing of a Bilateral Air Transport Agreement in December 2003. Several U.S. carriers already have third-party code sharing agreements with Vietnam Airlines. The U.S. Government is working closely with the Government of Vietnam to prepare for safety and security assessments that will enable two-party code shares and direct flights between the U.S. and Vietnam to begin.
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