To amend the International Claims Settlement Act of 1949 to provide for the payment of claims of nationals of the United States against Vietnam.

Amends the International Claims Settlement Act of 1949 to provide for the vesting in such officer or agency as the President may designate of a portion of Vietnamese property (other than property of private persons) in which transactions were prohibited as of April 30, 1975, under specified regulations.

Requires the property vested to be a portion of property which, when liquidated, will render: (1) an amount necessary to pay all certified awards made by the Foreign Claims Settlement Commission of the United States for claims against Vietnam; and (2) an amount equal to five percent of the total of such certified awards to pay the costs of the Commission and the Department of the Treasury.

Directs the designee of the President to liquidate the vested property as expeditiously as possible. Requires the proceeds from such liquidation to be covered over into the Claims Fund established for claims against Vietnam.

Requires the United States, upon full payment of such certified awards, to succeed to all of the rights against Vietnam which form the basis of such awards. Directs the Secretary of the Treasury to require the recipients of such awards to release to the U.S. Government all claims against the U.S. Government or Vietnam arising from the expropriations that are the basis of such awards.

Requires the Secretary of State, in developing the U.S. position for balancing of claims in future negotiations with Vietnam, to give full credit to Vietnam upon the establishment of formal diplomatic relations between Vietnam and the United States for the property vested under the provisions of this Act.