has fallen behind schedule.
Vietnam's membership in the ASEAN Free Trade Area (AFTA) and entry
into force of the US-Vietnam Bilateral Trade in December 2001 have
led to even more rapid changes in Vietnam's trade and economic
regime. Vietnam's exports to the US doubled in 2002 and again in
2003. Vietnam is working toward accession to the WTO in 2005. Among
other benefits, accession will allow Vietnam to take advantage of
the phase out of the Agreement on Textiles and Clothing, which
eliminated quotas on textiles and clothing for WTO partners on 1
January 2005. Vietnam is working to promote job creation to keep up
with the country's high population growth rate. However, in 2004,
high levels of inflation prompted Vietnamese authorities to tighten
monetary and fiscal policies.

Virgin Islands
Tourism is the primary economic activity, accounting
for 80% of GDP and employment. The islands normally host 2 million
visitors a year. The manufacturing sector consists of petroleum
refining, textiles, electronics, pharmaceuticals, and watch
assembly. The agricultural sector is small, with most food being
imported. International business and financial services are a small
but growing component of the economy. One of the world's largest
petroleum refineries is at Saint Croix. The islands are subject to
substantial damage from storms. The government is working to improve
fiscal discipline, to support construction projects in the private
sector, to expand tourist facilities, to reduce crime, and to
protect the environment.

Wake Island
Economic activity is limited to providing services to
contractors located on the island. All food and manufactured goods
must be imported.

Wallis and Futuna
The economy is limited to traditional subsistence
agriculture, with about 80% labor force earnings from agriculture
(coconuts and vegetables), livestock (mostly pigs), and fishing.
About 4% of the population is employed in government. Revenues come
from French Government subsidies, licensing of fishing rights to
Japan and South Korea, import taxes, and remittances from expatriate
workers in New Caledonia.

West Bank
The West Bank - the larger of the two areas under the
Palestine Authority - has experienced a general decline in economic
growth and a degradation in economic conditions made worse since the
second intifadah began in September 2000. The downturn has been