The
US EximBank will offer preferential credit support targeting Vietnamese small-
and medium-sized enterprises (SMEs) this year, its chairman Fred Hochberg told
a press briefing Monday.
Hochberg, who is leading a
business-development mission in Vietnam to boost trade ties and business
opportunities between Vietnam and the US, said US EximBank is implementing many
projects in Vietnam, especially in the southern provinces, with most of their
partners being small- and medium-sized enterprises, and household businesses.
EximBank ensured capital source, trade credit
insurance, and other sponsorships to aid business between these enterprises and
their US partners, he told reporters.
In 2011, EximBank authorized only about $1
million in financing to Vietnamese projects that used US goods and services ,
while the figure in India was as much as $3.2 billion.
However, nearly $1.5 billion in critical
infrastructure projects is 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 MOUs called for the facilitation of US.
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.”
Responding to the question why a major bank
prioritizes its credit supports for the SMEs and household businesses, he said
it is in accordance with the US government’s policy, which aimed at ensuring
the SMEs can access the effective credit and capital sources.
“Most of the foreign partners of the US are
SMEs, and we think it will be the same in the case of Vietnam.”
The chairman said if Vietnamese SMEs want to
borrow loans for the purchase and use of US goods, machinery, and services,
EximBank will work with local banks to determine the amount of money they need
to propose appropriate credit insurance and financial limits.
“Interest rates will be around 3 to 4 per cent
a year for loans in US dollars, depending on the loan terms,” said Hochberg.
Vietnam is one of nine key markets, including
Brazil, Colombia, Mexico, Turkey, South Africa, Nigeria, India, and Indonesia,
where EximBank is focusing its business-development efforts because of the
country’s infrastructure and development needs.
“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.”
Tuoi Tre
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.
No comments:
Post a Comment