Vietnam expressed satisfaction that the Senate Committee on Finance approved a bill to normalize trade relations with the United States.

Le Dung, a spokesman for the Vietnamese Foreign Ministry, said Tuesday, "It is obvious that granting [Permanent Normal Trade Relations] status to Vietnam brings real benefits to both Vietnam and the U.S."

The panel approved the bill July 31 by a vote of 18-0, with two abstentions. Sen. Max Baucus, D-Mont., who sponsored the bill, said in a statement that "Congress needs to bring this 15-year process of reconciliation with Vietnam to its long-sought conclusion."

Baucus has argued that the U.S. needs to take the opportunity to expand into the rapidly developing Vietnamese economy. Normalizing trade relations would repeal a Cold War-era law that currently mandates an annual review of its trade status.

Hanoi and Washington have completed negotiations for Vietnam to join the World Trade Organization. However, the move has been opposed by U.S. textile producers who fear competition from low-priced imports, as well as by some lawmakers concerned about religious freedom in the Southeast Asian nation.