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VietNamNews

US bank to finance satellite purchase

Update: June, 27/2012 - 09:51

HA NOI — The US Export-Import Bank (Ex-Im Bank) will make a loan to the Viet Nam Post and Telecommunications Group (VNPT) of US$125.9 million to buy a US-made communications satellite.

This statement was announced by the White House on Monday.

Phil Cogan, a spokesman for the Ex-Im Bank, said this approval was necessary because under US law, the proposed sale must be presented to Congress for review at least 35 days before it is approved by Ex-Im Bank's executive board.

President Obama did not disclose the name of the satellite supplier, and Cogan said this would be announced at a suitable point of time.

The Ex-Im Bank spokesman expressed his hope that this was the beginning of a number of deals struck in the US by Viet Nam.

Earlier, Ex-Im Bank President Fred Hochberg had visited Viet Nam to promote US exports.

Viet Nam and the US along with nine other countries are currently negotiating the Trans-Pacific Partnership trade agreement. —VNS

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