The Export-Import Bank of the Republic of Korea (Kexim) will finance the Bank for Investment and Development of Vietnam (BIDV) to facilitate the latter’s credit provision for transactions relating to goods and services imported from the RoK.

Under the framework agreement signed between the two sides in Hanoi on Oct. 21, supporting forms will be either import credit supply for short-, medium- or long-term periods, a confirmation and guarantee of deferred payment L/C, or a bill of exchange.

BIDV has set up agency with 15 RoK banks and put limits on four banks, namely the Korea Economic Bank (KEB), WOORI, Kexim and the Korea Development Bank (KDB).

Kexim bank is an official export credit agency providing comprehensive export credit and guarantee programmes to support RoK enterprises in conducting overseas business.

Kexim bank’s primary services include export credit, trade finance, guarantee programmes, overseas investment credit, development credit, import credit, and information services related to business opportunities abroad.

Furthermore, the bank is responsible for the operation of two government funds: the Economic Development Cooperation Fund (EDCF), an RoK Official Development Assistance programme, and the Inter-Korean Cooperation Fund (IKCF), an economic cooperation programme with the Democratic People’s Republic of Korea./.