Korea Eximbank Pledges Further Lending to Vietnam Infrastructure

The Export-Import Bank of Korea (Korea Eximbank) will maximize its lending to Vietnam to develop transport infrastructure, the bank’s Chairman cum General Director Dong Soo Kim said. The Kexim chairman made the statement at his meeting with Prime Minister Nguyen Tan Dung in Hanoi on Oct. 27. Vietnamese PM urged Korea Eximbank to continue arranging loans for Vietnam to enable it to complete the construction of Vam Cong bridge and the southern coastal road route, which are important to Vietnam’s socio-economic development. Korea Eximbank and the Vietnamese Ministry of Transport are working on loans for a series of transport infrastructure projects. Those included $120 million for the southern coastal corridor road route, $200 million for the construction of Vam Cong bridge, and $100 million for the building of Vinh Thinh bridge. Rated A by S&P, A2 by Moody’s and A-plus by Fitch, Korea Eximbank is owned by the Korean government and provides export credits to Korean firms. Infrastructure development is among urgent tasks for Vietnam to improve its business climate. The country needs $16 billion for infrastructure transport projects a year; however, it can afford half of that figure. (Vietnamplus Oct 28)