CCC EXPORT CREDIT GUARANTEE PROGRAM - GSM – 102

On November 14, 2002, the U.S. Department of Agriculture (USDA) has authorised USD25 million in credit guarantees for sales of U.S, agricultural commodities to Vietnam under the Commodity Credit Corporation’s Export credit Guarantee program (GSM – 102) for fiscal year 2003. This program provides terms from 90 days to 360 days. Under this program, the U.S. exporter is guaranteed to be paid in order to provide a credit to the Vietnamese importer under an irrevocable deferred L/C. Vietcombank is one of the five banks approved by CCC to participate in the GSM – 102 Program for Vietnam (The others are Asia Commercial Bank, Bank for Investment and Development of Vietnam, Industrial and Commercial Bank of Vietnam and Citibank, Vietnam Branch)

Therefore, Vietcombank will assist Vietnamese importers in opening deferred L/Cs with a negotiated interest rate for each product.

The agricultural commodities imported from U.S covered in the GSM – 102 program includes animal feed products, protein supplement of animal or vegetable origin, barly malt, breeder livestock, cotton, dairy products, corn products, fruit, 100% fruit juice, meat, tree nuts, fish, seeds, vegetable oil and by products, wine, wood products, wool, ect.