US Bank Helps Vietnam Carry out Infrastructure Projects
A business delegation led by President of the Export-Import Bank of the United States (Ex-Im Bank) Fred Hochberg is paying a visit to Vietnam from February 5-8.
The visit aims to boost trade relations and create more business opportunities between the US and Vietnam focusing on providing the credit of nearly US $1.5 billion for critical infrastructure projects in Vietnam.
In 2011, the Ex-Im Bank accepted the credit of around US $1 billion for Vietnam. However, a US $1.5 billion credit for key infrastructure projects, especially those in transport, thermal power and renewable energy, is currently under discussion.
This financing reflects the implementation of the two memoranda of understanding totaling US $1.5 billion between the Ex-Im Bank and the Vietnam Development Bank in 2010 and the Vietnam’s Ministry of Industry and Trade in 2011.
Vietnam is a country holding enormous potential and the two countries need to cooperate in projects that generate mutual benefits, Fred Hochberg said at a press conference in Ho Chi Minh City on February 6.
Asia is Ex-Im Bank’s largest regional market, accounting for nearly a quarter of the bank’s portfolio. Last year, the region received approximately US$7 billion in financing from Ex-Im Bank.
Ex-Im Bank’s current exposure to Vietnam stands at US$175.8 million.
During his stay in Vietnam, Mr. Hochberg is scheduled to meet with governmental leaders and Vietnamese and international trade partners.
VGP
Vietnamese
