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U.S. Businessmen Want Sanctions Against Vietnam Removed

October 27, 1990

SINGAPORE (AP) _ Some American businessmen are urging the U.S. government to end its trade ban against Vietnam because they say other foreign investors are gaining an upper hand.

″We think the trade embargo against Vietnam should be lifted,″ Thomas White, chairman of the Asia-Pacific Council of American Chambers of Commerce, said Friday.

″There is a tremendous interest to do business in Vietnam,″ said Mattie Genovese, an American businessmen in Hong Kong. American firms are interested in mining, agriculture, fishing and tourism there, he said.

U.S. businessmen from the Asia and Pacific region have been meeting in Singapore for two days to discuss trade and investment.

The businessmen said the trade embargo was causing them to lose out to other nations now entering a potentially lucrative market.

The embargo was imposed on North Vietnam in 1964, and extended to the entire country after the Communists seized Saigon in 1975. Violators face penalties of up to $1 million and 10 years’ imprisonment.