US Government Approves Loan for Vietnamese Telecommunications Satellite
Published on: 2nd Oct 2012
Note -- this news article is more than a year old.
The USA government's Export Import Bank has approved a loan of USD118 million to the government of Vietnam for the export of a telecommunications satellite and additional goods and services.
The loan, which represents Ex-Im Bank's first satellite transaction with the government of Vietnam, supported approximately 525 full-time equivalent American jobs, according to Lockheed Martin estimates, and financed export sales totalling $215 million.
The Vietnam Post and Telecommunications Group (VNPT), a state-owned enterprise headquartered in Hanoi acting on behalf of the government of Vietnam in the transaction, hopes to satisfy the growing demand of telecommunications and television markets emerging in the region.
The satellite, VINASAT-2, is a geosynchronous satellite that was launched May 15 and recently completed a series of in-orbit testing. Equipped with a payload of 24 active Ku-band transponders, the satellite provides coverage to Vietnam, Cambodia, Laos, and Thailand.
Ex-Im Bank considered the transaction only after receiving presidential approval to do so.
According to the Bank's Charter, the president must first determine if an Ex-Im Bank loan of $50 million or more to a Marxist-Leninist country is in the national interest before the Bank's board can vote on the transaction.