US investment agency announces $500 mln for Vietnam’s small companies

By Dam Tuan October 29, 2016 | 12:35 am PT

Laborers work at TAL Apparel Vietnam Garments factory in Vinh Phuc Province, north of Hanoi, Vietnam October 20, 2016. Photo by Reuters/Kham

The Overseas Private Investment Corporation is particularly interested in clean energy and telecom projects.

The Overseas Private Investment Corporation (OPIC), an agency of the U.S. government, has announced that it will invest half a billion dollars into small and medium-sized enterprises in Vietnam in the next three years.

The plan was confirmed by OPIC President and CEO Elizabeth L. Littlefield during a seven day trip to discuss investment opportunities in Myanmar and Vietnam.

“There is immense potential for high-impact development projects across Asia, especially in clean energy and telecom," Littlefield said in a statement.

During President Obama’s administration, OPIC has tripled its investment throughout Asia to $3.9 billion, but its portfolio in Vietnam is still modest with only a few major projects.

The agency has expressed interest in Vietnam’s private sector and in projects in the areas of renewable energy, agriculture and information technology.

Littlefield said that loans can vary from $1 million to $250 million and have a maturity of up to 20 years.

OPIC has invested in Vietnam’s largest barramundi breeding project worth $4.5 million in the south central province of Khanh Hoa.

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