In 2011, Ex-Im Bank authorized only about $1 million in financing to Vietnam. However, nearly $1.5 billion in infrastructure projects are currently in discussion, including satellite, thermal power, and renewable energy projects. This financing is part of fulfilling two memoranda of understanding (MOUs) 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 call 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 soon.
“We are here to roll up our sleeves and get these transactions done,” Hochberg said in a statement. “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 chief executive officer of Electricity of Vietnam Corporation & NPT, and the Vietnam Development Bank
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.
