Exim Bank to provide $300 mn credit to Vietnam for boats, patrol vessels

The Export Import Bank of India will provide lines of credit totalling $300 million to Vietnam for procuring high-speed guard boats and offshore patrol vessels.

The Exim Bank had entered into an agreement on July 31, 2024 with the Government of the Socialist Republic of Vietnam (GO-VNM), for making available to the latter, Government of India supported Line of Credit (LoC) of $180 million for procurement of four Offshore Patrol Vessels (OPV), the Reserve Bank said.

The bank had also entered into an agreement with GO-VNM for making available to the latter, India supported LoC of $120 million for procurement of high-speed guard boats, it said in another circular.

Both agreements are effective from January 20, 2025 and the last date for disbursement will be 60 months after the scheduled completion date of the project.

The export of eligible goods and services from India would be allowed subject to the Foreign Trade Policy.