Vietnam has been selected by the Export-Import Bank of the United States (Ex-Im Bank) as one of nine key emerging markets that will boost American exports and support job creation.
As a result, Ex-Im Bank is ramping-up funding to Vietnam to give a competitive boost to U.S. companies doing business in that country. Ex-Im Bank Chairman Fred Hochberg visited Vietnam recently to discuss U.S. investments worth $2 billion.
During meetings with senior Vietnamese officials, Hochberg discussed financing a number of specific projects including a satellite project involving Lockheed Martin and power plant projects that have attracted the interest of General Electric and Black & Veatch.
He said these investments were critical if Vietnam was to tame soaring inflation and continue growing at 6% or more per annum.
Hochberg noted that investing in new power plants and other infrastructure is one of the key ways to tame inflation on a long term basis and ensure that goods get to market on time and produce doesn’t spoil.
The others key markets due for an infusion of U.S. capital are Brazil, Mexico, Turkey, South Africa, Nigeria, India and Indonesia.
The bank’s current exposure to Vietnam totals $175.8 million. Ex-Im Bank was established in 1934 to finance and insure foreign purchases of United States goods for customers unable or unwilling to accept credit risk. The mission of the bank is to create and sustain U.S. jobs by financing sales of U.S. exports to international buyers.
Do you know more about this story? Contact us anonymously through this link.