U.S. bank pledges renewed trade support for Vietnam following Obama visit

By Dam Tuan   May 26, 2016 | 03:58 pm GMT+7

Besides over $16 billion signed in aviation and energy deals, the United States will continue to strengthen its commercial relationship with Vietnam through trade and investment.

The U.S. Export and Import Bank will engage in future opportunities to finance U.S. exports to Vietnam and will also support Vietnam’s private sector in renewable energy and aviation infrastructure, according to a statement released recently by the White House.

Exim Bank will remain actively engaged to fund U.S. exports to the Southeast Asian country, particularly those that support Vietnam’s infrastructure development needs. The Washington based bank also expressed interest in supporting U.S. exports for nuclear power projects in Vietnam.

Since 2009, the official export credit agency of the U.S. has authorized over $800 million in loans, guarantees and insurance to support U.S. exports to Vietnam. 

These exports have supported Vietnam - U.S. economic engagement across multiple sectors including renewable energy, aviation and manufacturing. U.S. exports not only support thousands of jobs in the United States, they also create jobs and boost infrastructure investment in Vietnam.

As the U.S. government’s development finance institution, the Overseas Private Investment Corporation (OPIC) will use its newly-opened office in Southeast Asia to unlock opportunities to support Vietnam's economic development through private sector investments, with particular attention to renewable energy and aviation infrastructure.

Since 2003, OPIC has provided more than $40 million in financing and insurance for seven projects in Vietnam. OPIC’s investments cut across communications, manufacturing, consulting and economic development services, aquaculture and power.

The United States is continuing to strengthen its commercial relationship with Vietnam, a rapidly-growing country that offers U.S. businesses and workers substantial opportunities for expanded trade and investment, by promoting economic growth and development and supporting jobs.

Two-way trade between the U.S. and Vietnam totaled $451 million in 1995, the year the United States and Vietnam normalized diplomatic relations, and since then has increased nearly a hundredfold to $45 billion.

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