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| The Export-Import Bank of Korea holds a briefing session about its Vietnam-Korea Business Partnership jointly with the Korea Trade-Investment Promotion Agency in Hanoi, Vietnam, Thursday. / Courtesy of Export-Import Bank of Korea |
The Export-Import Bank of Korea (Exim Bank) held a briefing session about its Vietnam-Korea Business Partnership jointly with the Korea Trade-Investment Promotion Agency (KOTRA) in Hanoi, Vietnam, Thursday.
The session was a follow-up measure after President Moon Jae-in's state visit to the Southeast Asian country to help facilitate business ties. More than 100 Korean firms who have already entered into Vietnam or plan to do so participated in the event
During the session, the Exim Bank introduced a financial program and loan procedures for Korean firms in Vietnam that need financing.
Under the program, the bank lends money to local banks in Vietnam so Korean companies there can get immediate loans from them. Vietnamese firms who conduct business with Korean ones can also participate in the program.
"The government's new approach to Southeast Asia is expected to boost business ties with Vietnam," Exim Bank Chairman Eun Sung-soo said during the session.
"I hope the Exim Bank's financial program will be a valuable foundation for Korean firms' business operations in Vietnam. I believe the program will also contribute to the Vietnamese government's national renewable energy project."
The program is expected to help not only facilitate Korean companies' operations in Vietnam but also expand their exports to the country, An Exim Bank official added.
Currently, the Exim Bank has decided to deposit a $170 million maximum credit line into three Vietnamese banks _ VietinBank, BIDV and TechcomBank.
The EXIM Bank is operating a similar financial program with 33 financial institutions in 15 countries. The program is globally worth $7.8 billion, according to the state-run bank.
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