The consequences of US lifting the embargo against Vietnam in 1995 At the historic moment when US President Bill Clinton lifted the embargo against Vietnam, at 5 am on February 4, 1994, Hanoi time, Vietnamese wondered at the time how it would affect the country. The Vietnam-US Bilateral Trade Agreement signing ceremony The American Chamber of Commerce in Vietnam in an outlook report that it posted on its website in late 2014 that the trade between Viet Nam and the US continues to expand in spite of domestic and international economic difficulties.  According to the report, bilateral trade may reach US$34.9 billion after hitting $24.9 billion in 2012 and $29.7 billion in 2013, a healthy increase of nearly 20 per cent for two years in a row. In 2014, Viet Nam's exports to the US will likely reach $29.4 billion, a 19-per cent year-on-year increase, and its imports from the US will likely reach $5.5 billion, a 10-per cent year-on-year increase. The US has become Vietnam’s leading trade partner and investor. Vietnamese and US business celebrate Sixteen months later, on July 11, 1995, Clinton and Vietnamese Prime Minister Vo Van Kiet declared normalization of Vietnam-US diplomatic relations. The normalization of relations, the Vietnam-US Bilateral Trade Agreement (BTA), the Vietnam’s WTO membership, and the expected Trans Pacific Partnership (TPP) reflect  new levels in the Vietnam-US relationship. “I was on a business in HCM City,” Pham Chi Lan, a renowned economist said, recalling the day when the normalization of the Vietnam-US diplomatic relations was announced. “A party then was arranged immediately in a hotel, where Vietnamese and US businessmen came to celebrate the important event. We were very excited and said thanks to the leaders of the two countries,” Lan said. “We considered the US President’s declaration on lifting the embargo against Vietnam as a special gift, because it came on the occasion of the Vietnamese traditional Tet, February 4, 1994, the Year of the Rooster,” she said. “And I felt so glad when hearing about it because this was really a big step forward. I have strong faith that from that moment Vietnam could begin a new development way,” Lan said. Meanwhile, at ThangLoi Hotel in Hanoi, a big gala was organized by a large US corporation. “They invited American people in Vietnam and friends to the gala,” said Nguyen DinhLuong, former head of the Vietnamese delegation team for negotiations in the US-VN Bilateral Trade Agreement. Later, a picture of Luong and an American friend raising glasses of wine in congratulations on the special event was posted in a well-known US newspaper. As for PhanHuuThang, former head of the Foreign Investment Agency (FIA), said: “We believed the US would declare normalization one day. However, we still felt very happy when hearing the news officially,” Thang said. Pham Huyen, VNN