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

FOR IMMEDIATE RELEASE September 15, 2011

Media Contact Name/Phone: 

Linda Formella, 202-565-3200

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.

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Ex-Im Bank and Vietnam's Ministry of Trade and Industry (MOIT) signed an agreement at Ex-Im Bank headquarters in Washington, D.C., to work together to facilitate U.S. exports to Vietnam. Pictured, from left to right: Vietnam Ambassador Nguyen Ouoc Coung, MOIT Minister Vu Huy Hoang, Ex-Im Bank Chairman Fred P. Hochberg and Ex-Im Bank Vice Chair Wanda Felton.

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.

About Ex-Im Bank:

Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

In FY 2011 through August 31, 2011, Ex-Im Bank has approved almost $25 billion in total authorizations -- an all-time Ex-Im record. This total included more than 2,500 U.S. small-business transactions. The Bank's authorizations through August will support approximately $31.5 billion in U.S. export sales and 213,000 American jobs in communities across the country. For more information, visit the Bank's Web site at www.exim.gov.