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Vietnam To Open Stock Exchange In Ho Chi Minh This Year

June 4, 1999

TOKYO (Nikkei)--Vietnam plans to open its first securities exchange in Ho Chi Minh City in the fourth quarter of this year, Vietnam's First Deputy Prime Minister Nguyen Tan Dung told The Nihon Keizai Shimbun Thursday.

The first deputy premier, who is visiting Tokyo to attend the Future of Asia international symposium hosted by Nihon Keizai Shimbun Inc., also said he is sure Vietnam and the U.S. will be able to reach a trade agreement by the end of December.

The country initially planned to set up such an exchange last year, but the plan was delayed due to the economic and currency crises in Southeast Asia.

Regarding the ongoing trade talks with the U.S., the deputy prime minister and governor of the central bank said the eighth round of negotiations will be held next month. He also said Vietnam will scrap its non-tariff trade barriers. Tariffs will be raised temporarily, then gradually reduced (while the impact of the cuts on domestic industries is monitored), he added.

Non-tariff trade barriers and tariff rates have been the major stumbling blocks in the trade talks.

(The Nihon Keizai Shimbun Friday evening edition)

Titles of speakers, names of companies, etc., were correct as of the time when the forum was held.