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Ex-Im Bank, Vietnam's Ministry of Industry and Trade Sign MOU To Facilitate U.S. Exports To Vietnam

Friday, September 16, 2011

(Ex-Im Bank)  Washington, D.C: The Export-Import Bank of the United States (Ex-Im Bank) and Vietnam's Ministry of Industry and Trade (MOIT) have signed a memorandum of understanding (MOU) to facilitate U.S. exports to Vietnam in key sectors such as air transportation, power generation and transmission, and oil and gas development.

Ex-Im Bank Chairman and President Fred P. Hochberg and MOIT Minister Vu Huy Hoang signed the agreement yesterday at Ex-Im Bank headquarters in Washington, D.C. Vietnam's ambassador to the United States, Nguyen Quoc Cuong, attended the signing ceremony.

"Vietnam is one of nine key markets that Ex-Im Bank has identified as having great potential for U.S. exporters. This agreement will strengthen Ex-Im Bank's cooperation with Vietnam and assist U.S. companies in exporting goods and services to key industries in this growing economy," said Ex-Im Bank Chairman Hochberg.

Chairman Hochberg, other Bank board members and staff have conducted business-development missions in Vietnam to encourage sourcing of U.S. products and services for Vietnamese infrastructure projects. In June 2010, Hochberg visited Hanoi and Ho Chi Minh City and met with Prime Minister Nguyen Tan Dung and other government officials and key Vietnamese business leaders.

Transactions currently in Ex-Im's pipeline include potential financings of U.S. exports of large commercial aircraft, and equipment and services for infrastructure projects such as renewable-energy production, telecommunications, and electric-power generation and transmission.

In 2001, some of Ex-Im Bank's financing products became available in Vietnam, and all of the Bank's products have been available since 2008. Ex-Im Bank financed four Boeing 777 aircraft to Vietnam Airlines in 2003 and 2004. The Bank's current exposure in Vietnam is approximately $200 million.