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NEWS UPDATES 15 June 2010

U.S. to lend $500m to Vietnam

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The Export-Import Bank of the United States has agreed to provide a US$500 million financing facility to boost sales of US equipment and services to Viet Nam for high-priority infrastructure projects, Vietnam News reports.

The bank signed a memorandum of understanding June 14 with the Viet Nam Development Bank under which the U.S. would help finance Vietnam’s infrastructure development in such key sectors as communications, transportation, renewable energy, wastewater treatment, and medical equipment and services.

"Vietnam is one of the world's key growing economies," said the chairman and president of the Export-Import Bank (Ex-Im Bank), Fred P. Hochberg. "Ex-Im Bank is pleased to provide a $500 million financing facility to support the nation's infrastructure growth through the purchase of US goods and services by the Government and private companies."

Ex-Im Bank, the official export-credit agency of the United States, offered its first short- and medium-term financing facility to Viet Nam in 1998 and has expanded the relationship in subsequent years with new agreements.

A framework guarantee agreement with the State Bank of Viet Nam facilitated the issuance of Viet Nam's Government guarantees enabling Vietnamese buyers to obtain U.S. goods and services with Ex-Im Bank support.

Meanwhile, a project incentive agreement between the two countries has supported limited-recourse project financing transactions under which repayment terms were based on project revenues rather than a government guarantee.


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