After a twelve-year wait, Vietnam on Thursday officially joined the World

Trade Organization as the trade body's 150th member.

Vietnam's membership was approved in November.

"This is an historic day for Vietnam and the rules-based global trading

system," said U.S. Trade Representative Susan C. Schwab. "It marks the

beginning of a new era in the political and economic relationship between

our two countries -- an era that will witness expanding economic

opportunities and cooperation. We welcome Vietnam...and regard this step as

an important milestone in the continuing process of expanding commerce and

raising living standards around the world."

Vietnam, with a fast-growing economy and domestic market of over 82 million

people, will be required to slash tariffs and open previously closed

sectors of its economy to foreign investors. Vietnam will also be required

to enhance transparency in government processes and increase economic

freedoms. While many of the changes will take effect immediately, others

will be phased in. Foreign banks, for example, won't be allowed to open

their own branches until April 1.

In the final step of the bilateral accession process with the United

States, President Bush on Dec. 29 granted Vietnam Permanent Normal Trade

Relations.

In Hanoi, Foreign Ministry spokesman Le Dung told reporters: "This is a

momentous event in the international economic integration of Vietnam,

showing Vietnam's deep and comprehensive participation in the global

trading system."