HCMC – Saigon Thuong Tin Commercial Bank (Sacombank) has been chosen to draw up the letter of credit (L/C) for farm produce import from the U.S. under the Export Credit Guarantee Program, or GSM-102.
Sacombank to facilitate farm produce import from U.S.
By Phuong Thao - The Saigon Times Daily
Mark Rowse, director of the GSM-102 program, introduces credits for farm produce import from the U.S. at a seminar in HCMC - Photo: Courtesy of Sacombank HCMC – Saigon Thuong Tin Commercial Bank (Sacombank) has been chosen to draw up the letter of credit (L/C) for farm produce import from the U.S. under the Export Credit Guarantee Program, or GSM-102.
The program covers credit terms of up to 12 months with the total limit of US$20 million. The Commodity Credit Corporation (CCC) under the U.S. Department of Agriculture has picked four banks in Vietnam for the program.
The program will help local farm produce importers gain access to capital sources with preferential terms and interest rates. This is also a chance for Sacombank’s corporate customers to expand business with prestigious exporters in the U.S.
The bank has also joined hands with the U.S. Department of Agriculture and U.S. Consulate General to hold a seminar introducing benefits of the GSM-102 transactions to Vietnamese importers.