VietNamNet Bridge - The Export-Import Bank of the US (Eximbank) is planning to open branches in Vietnam to facilitate local businesses’ foreign trade, especially with the US. Marianna Ohe, an Eximbank spokesperson, said the bank was considering an investment of US$300 million to open four branches.
He/She said expanding US-Vietnam trade ties and Vietnam’s accession to the World Trade Organization were the key factors behind the bank’s interest in Vietnam.
It would help Vietnamese enterprises import high-value goods or equipment from the US by providing credit on soft terms and support Vietnamese garment and textile businesses with bank guarantees.
Last year Eximbank committed to provide Vietnam Airlines $410 million to buy four new Boeing 787-8s.
US-Vietnam trade reached $9.7 billion last year of which Vietnam’s imports were worth $1.1 billion.
Eximbank is the official export credit agency of the US and its raison d’etre is funding export of US goods and services to international markets. In related news, Vietnam-US trade is growing at dizzying speed, especially after the two countries signed a bilateral trade agreement (BTA) in 2000.
Two-way trade reached 9.7 billion USD in 2006, a six-fold increase over the figure recorded in 2001, the year seeing the BTA taking effect.
It was noted that Vietnam 's export earning from the US rocketed from 1 billion USD in 2001 to 8.6 billion USD in 2006, with its main products being footwear, apparel products, seafood, crude oil, wooden furniture and farm products.
The country's imports from the US stood at 1 billion USD on average, with mostly semi-processed and manufactured products, aero-planes and engineering machinery.
Following the BTA, the two countries inked a number of accords and agreements on textile and garments, aviation, economy, technical cooperation, and agriculture.
Other highlights in the two countries' economic ties in 2006 were the conclusion of the two countries' negotiation on Vietnam 's entry to the World Trade Organisation and the US 's adoption of a bill to grant the Permanent Normal Trade Relations status to Vietnam .
However, certain hurdles still remain in bilateral trade because of the US 's non-tariff barriers, including anti-dumping lawsuits against Vietnamese 'catfish' fillets and frozen shrimps and the imposition of a special controlling mechanism on Vietnamese apparel products.
Such hindrances were on the agenda of a recent US visit by Deputy PM Pham Gia Khiem.
To remove these barriers, Vietnam has proposed the US adjust its economy-trade policy to clear the way for Vietnam to import hi-tech products from the US , and boost its exports to the US market. (Source: VNA, TN) | 
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