[lbo-talk] US Eximbank to open four branches in Vietnam

uvj at vsnl.com uvj at vsnl.com
Mon Jun 18 11:43:56 PDT 2007


Nhan Dan http://www.nhandan.com.vn/english/

15 June, 2007

Eximbank to open four branches in Vietnam http://www.nhandan.com.vn/english/business/150607/business_7t.htm#Eximbank%20to%20open%20four%20branches%20in%20Vietnam

The Export-Import Bank of the US (Eximbank) plans to pour US $300 million in opening four branches in Vietnam with the aim of supporting import-export activities of Vietnamese businesses.

Along with the plan, Eximbank is co-ordinating with Vietnamese counterparts in expanding credit guarantee for Vietnamese business, facilitating them to import goods from the US.

An expert from Eximbank, Marianna Ohe, said the bank aims to get involved in Vietnamese private enterprises' short and medium-term transactions, and State-owned enterprises' long-term transactions.

Eximbank's financial assistance will enable Vietnamese importers in purchasing large quantities of good that require big amounts of capital.

Eximbank will provide credit lines with longer payment periods, low rate of risks and low cost for financial service. Environmental friendly goods and services, medical equipment and products and services serving traffic safety will receive special concession.

Ohe added that the tightening US-Vietnam trade relations and Vietnam's WTO full membership were reasons for Eximbank to pay more attention to Vietnam. The US-Vietnam two-way trade turnover in 2006 hit US $9.7 billion with Vietnam's import value from the US reaching US $1.1 billion.

In 2006, Eximbank provided guarantee for a long-term loan of nearly US $700 million for Vietnam Airlines to buy four Boeing planes.

The bank also pledged to supporting Vietnam's garment and textiles businesses through providing debt guarantee. (VNA)

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