The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Sung-soo Eun, “Korea Eximbank”) announced on March 22 that it held an event to promote its Interbank Credit Facility Program jointly with Korea Trade-Investment Promotion Agency ("KOTRA") in Hanoi, Vietnam.

Korea Eximbank invited over 100 local importers of Korean products and Korean subsidiaries in Vietnam to the event to market its loan service. In addition to introducing the Interbank Credit Facility Program, the Bank provided consultation on how to apply for the loans.

The Interbank Credit Facility Program is a financial arrangement whereby Korea Eximbank extends a credit line to a foreign bank from which the foreign bank draws fund to lend to its local corporate clients for their payment for products imported from Korea or procurement from Korean subsidiaries in its country, or to Korean subsidiaries for the capital needed for operating business in the local country.

Korea Eximbank has already established credit lines under the Interbank Credit Facility Program amounting to USD 170 million with VietinBank, BIDV and TechcomBank in Vietnam.

Chairman Eun of Korea Eximbank remarked at the event, “Mutual exchanges between South Korea and Vietnam are expected to increase with the Korean government’s new approach to Southeast Asia. Under such circumstances, the Interbank Credit Facility Program is expected to facilitate the business of Korean exporters not only in traditional industries, but also in the field of renewable energy in Vietnam.”