By John S. McClenahen Even as the U.S. Senate works toward a vote on permanent normal trade relations (PNTR) with China -- the House already has approved the measure -- there's a new pact pending. The U.S. has reached a bilateral trade agreement with Vietnam, which, if implemented, will liberalize trade in industrial goods, telecommunications products, and agriculture. U.S. exports to Vietnam are now $291 million a year; they were only $4 million annually in 1993, the year the Clinton Administration came into office. The pact was recently signed by U.S. Trade Representative Charlene Barshefsky and Vietnamese trade minister Vu Khoan. But implementation depends on Congress approving normal trade relations with Vietnam. And unlike the pending PNTR with China, the Vietnam's trade status is likely to be subject to annual review.