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US bank helps VN develop infrastructure projects
Fred Hochberg, Chairman and President of the Export-Import Bank of the United States (Ex-Im Bank), is leading a business-development mission in Vietnam from February 5-8.
The visit aims to boost commercial ties and business opportunities between the US and Vietnam with a particular focus on promoting the provision of nearly US$1.5 billion for key infrastructure projects in Vietnam.
In 2011, Ex-Im Bank approved credits worth nearly US$1 billion for Vietnam. However, nearly US$1.5 billion in key infrastructure projects is currently in discussion, covering transport, thermal power and renewable energy projects.
This financing is the fulfillment of the two existing memoranda of understanding totaling US$1.5 billion between Ex-Im Bank and the Vietnam Development Bank in 2010 and between the US bank and Vietnam’s Ministry of Industry and Trade in 2011.
“Vietnam is a country of enormous potential, and it is vital that we work together and invest in projects that benefit both economies,” said Fred Hochberg at a press briefing in Ho Chi Minh City on February 6.
“Significant infrastructure developments are planned throughout Vietnam over the next several years, and I’m here to ensure that American companies invest in those projects, and that we maintain a dynamic and comprehensive partnership,” he added.
Asia is Ex-Im Bank’s largest regional market, accounting for nearly a quarter of the bank’s portfolio. Last year, Ex-Im Bank provided approximately US$7 billion in financing in the region.
Vietnam, together with Brazil, Colombia, Mexico, Turkey, South Africa, Nigeria, India and Indonesia, forms the nine key markets where Ex-Im Bank is focusing its business-development efforts because of the country’s infrastructure and development needs.
Ex-Im Bank’s current exposure to Vietnam stands at US$175.8 million.
During his stay in Vietnam, Hochberg is scheduled to meet with governmental leaders and Vietnamese and international trade partners.
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