President Barack Obama has allowed the US Export-Import Bank to loan the Vietnam Post and Telecom Group (VNPT) US$125.9 million to buy a US-made communications satellite, announced the White House on June 25.
Phil Cogan, a spokesman for the US Export-Import Bank (EXIM Bank), said this approval was necessary because, according to US law, the proposed sale must be presented to Congress for a review at least 35 days before it is approved by the EXIM Bank executive board.
President Obama did not disclose the name of the satellite supplier, and Cogan said he was still checking to see if he is allowed to release.
“We're hoping this is the beginning of a flow of deals in the pipeline from Vietnam,” Cogan said.
According to the EXIM Bank spokesman, Vietnam – a fast growing and populous country in Southeast Asia - has “enormous infrastructure needs” ranging from renewable energy to highways, airports and telecommunications equipment.