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Korea Exim News

Korea Eximbank Provides BIDV US$50 Million in Interbank Export Credit

Date 2010.01.05 View 34641
□ On October 21, Korea Eximbank (,ChairmanDongsooKim) Chairman Dong Soo Kim visited Hanoi,Vietnamandsignedan agreement for a US$50 million Interbank Export Credit with President Tran Anh Tuan of the Bank for Investment and Development of Vietnam (BIDV).

○ This agreement will allow BIDV to finance Vietnamese importers for products and services from Korea up to the limit of US$50 million.

○ A Korea Eximbank official stated, “After the Korea-ASEAN FTA, the size of exports between Korea and Vietnam has been increasing. We expect that the signing of this agreement would provide favourable financing for Vietnamese importers and increase opportunities for Korean exports to enter the Vietnamese market."

□ Before signing the agreement, Chairman Kim visited Prime Minister Nguyen Tan Dung and discussed plans for economic cooperation between the two countries.

○ At the meeting, the Prime Minister mentioned the importance of expanding infrastructure and road construction for continued economic growth and requested continuous support from Korea Eximbank through EDCF (Economic Development Cooperation Fund) and other means.

○ Chairman Kim responded that Korea Eximbank will make every efforts to ensure timely completion of EDCF projects for Vietnam. In addition, the Bank will continue to strengthen private sector cooperation projects by utilizing various programs such as Overseas Investment Finance.

○ As of October 2009, Korea Eximbank has provided US$834 million in supports through EDCF for a total of 30 projects in Vietnam.

□ Chairman Kim also plans to sign a credit provision agreement on October 22 for US$46 million for 3 EDCF projects operated by the Vietnamese government, including the Ho Chí Minh-Trung Lng intelligent highway traffic system.