Joins U.S. International Development Finance Corporation CEO Adam Boehler to Virtually Witness Historic Energy Agreement Between AES Corporation and PetroVietnam
FOR IMMEDIATE RELEASE October 29, 2020
Office of Communications (202-565-3207)
HANOI, VIETNAM – Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed yesterday joined the 2020 Indo-Pacific Business Forum (IPBF) virtually with U.S. International Development Finance Corporation (DFC) CEO Adam Boehler to witness the signing of a historic energy agreement between the AES Corporation and Vietnam National Oil and Gas Group (PetroVietnam). The IPBF is being hosted virtually and in-person in Hanoi, Vietnam, on October 28-29 by the U.S. Trade and Development Agency (USTDA).
Chairman Reed and CEO Boehler joined the IPBF from Yokota Air Base, Japan, during a return stop as part of a U.S. delegation mission to Indonesia, Vietnam, and Myanmar from October 24-27 to advance economic growth in the region. Chairman Reed also was accompanied by EXIM Senior Vice President Luke Lindberg.
Chairman Reed and CEO Boehler virtually witnessed the signing between AES and PetroVietnam of the final term sheet that will establish their joint venture for the Son My Liquefied Natural Gas (LNG) Import Terminal, a historic milestone in U.S.-Vietnam energy cooperation. The AES Corporation is a Fortune 500 energy company headquartered in Arlington, Virginia. In addition, Chairman Reed met earlier this week with Vietnamese government officials in Hanoi.
“Energy is one of the most important areas of cooperation between the United States and Vietnam, and I look forward to future transactions that will benefit both nations’ economies and workers,” said Chairman Reed. “I was an honored to have discussions with Prime Minister of Vietnam Nguyen Xuan Phuc this week in Hanoi. This signing ceremony shows the United States commitment to advancing two-way trade and investment in Vietnam and throughout the Indo-Pacific region, and I look forward to continuing that work.”
Also as part of the IPBF, EXIM and the USA Healthcare Alliance (USAHA) announced a two-year effort to collaborate on educational and other initiatives that increase opportunities for U.S. healthcare companies and healthcare organizations to export their goods and services. The memorandum of understanding was signed by Chairman Reed and USAHA Chair and Founder Dr. Trevor Gunn and prominently featured (by video) during the event.
During the IPBF, EXIM Chief Banking Officer Stephen Renna participated in a live virtual panel discussion focused on how governments are approaching infrastructure development in response to the COVID-19 pandemic and how Indo-Pacific countries can leverage private sector financing and U.S. government tools to promote investment.
EXIM Senior Vice President for the Program on China and Transformational Exports David Trulio participated in a prerecorded panel discussion about U.S. economic and foreign assistance strategy across the Indo-Pacific region and focused on how the private sector and the U.S. government can do more in the region, especially given fierce competition from Chinese state-backed entities. EXIM’s new Program on China and Transformational Exports was established in EXIM’s historic seven-year congressional reauthorization signed into law by President Trump on December 20, 2019. The legislation directs EXIM to provide financial products to directly neutralize export subsidies offered by the People’s Republic of China, helping to ensure a level playing field for U.S. businesses and workers as they compete globally. The Program has the aim of advancing the comparative leadership of the United States as well as supporting U.S. innovation, employment, and technological standards globally in 10 transformational export industries, including artificial intelligence, wireless communications (including 5G), quantum computing, biomedical sciences, biotechnology, and renewable energy.
In addition, EXIM officials participated in a bilateral meeting with Cambodian officials. Bonnie Cybulko, EXIM Vice President, Industrial Finance Division, outlined financing available for medium-term transactions that support the purchase of U.S. good and services by international buyers.
The Indo-Pacific Business Forum is the leading event to promote trade, investment, and economic cooperation between the United States and its partners throughout the Indo-Pacific region. The public-private event is supported by the governments of the United States and Vietnam, and is co-organized with the U.S. Chamber of Commerce and the Vietnam Chamber of Commerce and Industry in collaboration with the U.S. Departments of State, Treasury, Commerce, Health and Human Services, Transportation, and Energy; DFC; EXIM; U.S. Agency for International Development; the American Chamber of Commerce of Vietnam; and the U.S.-ASEAN Business Council.
Earlier this year at an event hosted by USTDA Acting Director Thomas R. Hardy at USTDA’s headquarters in Virginia, Chairman Reed met with seven ambassadors and four country deputies from the Association of Southeast Asian Nations (ASEAN). During the meeting, the Ambassadors discussed ways to further the export of U.S. goods and services to the Indo-Pacific region and underscored the role of and need for EXIM when it comes to $110 billion for infrastructure development in the region.
In August 2019, Chairman Reed hosted a roundtable discussion and teleconference with LNG business leaders, including the American Petroleum Institute, Center for Liquefied Natural Gas, LNG Allies, and the U.S. Chamber of Commerce to discuss ways EXIM can assist with increasing the volume of domestic LNG exports.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.