Ex-Im Bank Chairman in Vietnam to Promote Closure of Nearly $1.5 Billion in Critical Infrastructure Projects
February 6, 2012
(Ex-Im Bank)
Financing Supports the Purchase of American Goods and Services
Ho Chi Minh City, Vietnam – Fred P. Hochberg, chairman and president of the
Export-Import Bank of the United States (Ex-Im Bank), is leading a
business-development mission in Vietnam February 5 – 8, 2012. Hochberg will meet
with government leaders in both Ho Chi Minh and Hanoi to boost commercial ties
and business opportunities between the United States and Vietnam. Ex-Im Director
Patricia Loui and other senior officials are traveling with the chairman.
In 2011, Ex-Im Bank authorized only about $1 million in financing to Vietnam.
However, nearly $1.5 billion in critical infrastructure projects are currently
in discussion, including satellite, thermal power, and renewable energy
projects. This financing is the fulfillment of two existing memoranda of
understanding (MOU) signed in 2010 and 2011 totaling $1.5 billion. The 2010 MOU
was signed between Ex-Im Bank and the Vietnam Development Bank and the 2011 MOU
between Ex-Im Bank and Vietnam's Ministry of Industry and Trade.
The MOUs called for the facilitation of U.S. exports to Vietnam in key sectors
such as air transportation, power generation and transmission, and oil and gas
development. In connection with these projects, there is also an additional $500
million in financing that the Bank hopes to close on in the near future.
"We are here to roll up our sleeves and get these transactions done,” Hochberg
said. "Vietnam's infrastructure continues to develop at a rapid rate, and I want
to make certain that high-quality American goods and services are available for
these projects."
Hochberg will meet with Prime Minister Nguyen Tan Dung, Ministry of Finance
Vuong Dinh Hue, the CEO of Electricity of Vietnam Corporation & NPT, and the
Vietnam Development Bank.
"Vietnam is a country of enormous potential, and it is vital that we work
together and invest in projects that benefit both of our economies," said
Chairman Hochberg. "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."
Vietnam is one of nine key markets (others are Brazil, Colombia, Mexico, Turkey,
South Africa, Nigeria, India, and Indonesia) 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 is $175.8 million.
Asia is Ex-Im's largest regional market, representing nearly a quarter of the
Bank's portfolio. Last year, Ex-Im Bank provided approximately $7 billion in
financing in the region.
U.S. small and mid-sized businesses interested in obtaining financing support
for sales to Vietnam and other key countries should contact their Regional
Export Finance Center at 1-800-565-EXIM (3946) and selecting option 2.
Vietnamese businesses interested in learning about competitive financing that
may be available for purchases of U.S. goods and services should contact the
U.S. Foreign Commercial Service office in Hanoi at 4-3850-5199 and Ho Chi Minh
City at 8-3520-4680.
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