Vietnamese, U.S. banks sign MOU to facilitate U.S. exports to Viet Nam

The MoU was signed by Export-Import Bank of the U.S. (EXIM) President and Chair Reta Jo Lewis and Viet Nam Development Bank (VDB) Chairman Le Van Hoan.

The MOU will encourage collaboration between EXIM and VDB and will support U.S. export financing to advance green economy transition, infrastructure development projects and climate related projects.

"The MOU we signed demonstrates our shared commitment to strengthening the U.S.-Viet Nam commercial relationship and dedication to creating opportunities that strengthen the economies of both our nations," said Chair Lewis.

"We are excited to collaboratively seek financing opportunities to advance mutually beneficial projects and support U.S. exporters looking to do business in Viet Nam," he shared.

EXIM will work closely with the VDB to identify infrastructure, renewable, and other projects to help spur the green transition in Viet Nam.

Today's MOU signing also demonstrates the U.S. commitment to assisting Viet Nam with financing solutions for the green energy transition to fulfill its ambitious climate goals.

The EXIM is the nation's official export credit agency with the mission of supporting American jobs by facilitating U.S. exports.

A high-level business delegation, including 50 top U.S. businesses, is paying a visit Viet Nam from March 18–21 to explore investment opportunities.

This is part of an annual event held by the US-ASEAN Business Council (USABC).

The U.S. companies are involved in fields ranging from technology to energy, aviation and defense, manufacturing, agriculture and food, financial services, healthcare, and investment funds. Among them are many familiar names already operating in Viet Nam, and some have plans to expand their investments in the Southeast Asian country.

The delegation will include Ted Osius, former Ambassador to Viet Nam and president and CEO of the USABC; Marc Knapper, Ambassador to Viet Nam; and Sarah Morgenthau, special representative for commercial and business affairs at the US Department of State.

This is the second year Viet Nam has welcomed a large number of U.S. companies to visit and explore investment opportunities. On March 20, 2023, Viet Nam welcomed several U.S. giants, such as Boeing, SpaceX, Netflix, Pfizer, Visa, Citibank, Meta, and Amazon.

Companies such as SpaceX, Coca-Cola, and Pacifico Energy, made commitments to expand their manufacturing operations and investments in Viet Nam.

Last year, the U.S. and Viet Nam elevated their relationship to the highest level - a comprehensive strategic partnership. This significant milestone opens up opportunities to attract FDI from the U.S. and boost bilateral trade.

In 2023, Viet Nam's exports to the U.S. reached nearly US$97 billion. Despite a 11.4 per cent decrease compared to the previous year, they still accounted for 27.3 per cent of the country's export turnover. At the same time, Viet Nam's trade surplus with the U.S. was estimated at US$83 billion, a decrease of 12.6 per cent compared to the previous year.

In the first two months of 2024, Viet Nam's exports to the U.S. reached US$17.4 billion, an increase of nearly 34 per cent over the same period last year./.