U.S. lends Vietnam US$126 million for satellite project
By Van Oanh - The Saigon Times Daily
HANOI – U.S. President Barack Obama on Monday gave the nod to the U.S. Export-Import Bank to extend a US$125.9 million loan to the Vietnam Post and Telecommunications Group (VNPT) to pay for a U.S.-made telecom and television satellite, says a Reuters report.
Obama’s presidential determination did not provide the name of the U.S. seller.
“We’re hoping this is the beginning of a flow of deals in the pipeline from Vietnam,” said Phil Cogan, a spokesman for the Ex-Im Bank.
The fast-growing and populous Southeast Asian country has “enormous infrastructure needs” ranging from renewable energy to highways to airports to telecommunications, he said.
A source from VNPT confirmed that the State-run group needs this loan to invest in the telecom satellite Vinasat-2 sent into orbit on May 16.
The loan is equivalent to half of the investment capital for Vinasat-2, which is US$260-280 million as revealed by VNPT deputy general director Phan Hoang Duc at a press conference on the launch of this satellite last month.