Welcome from Louis Taylor, Chief Executive of UK Export Finance
With its ambitions to become a regional manufacturing powerhouse, Vietnam is an emerging market for UK exporters. Its economic potential has been growing since its "doi moi" (renovation) policy which began in the 1980s led to modernising reforms that continue to this day.
As with all emerging markets, there are risks and uncertainties alongside the opportunities. This is where UK Export Finance (UKEF) can help. As the UK’s export credit agency, and a government department, we help UK businesses realise their ambitions for international expansion, working to help them access the export finance products they need to grow.
UKEF provides insurance to exporters and guarantees to banks to share the risks of providing export finance. In addition, we can make loans to overseas buyers of goods and services from the UK. Overall, our products can help tackle three of the most common barriers to exporting: strains on cashflow; risk of non-payment; and availability of finance for overseas buyers.
In the last three years, UKEF has provided over £400 million of support for UK exports to Vietnam. This includes guarantees on bank loans used to purchase capital goods, including Airbus aircraft for Vietnam Airlines, and a range of supplies from UK firms to the Nghi Son oil refinery project. UKEF can also support smaller exports. For example, it recently supported a firm that supplies diving equipment when the firm won an order from Vietnam for a decompression chamber. UKEF shared the risk on the firm’s working capital facility with the bank, enabling the firm to access the finance it needed to manage its cash flow when fulfilling the order.
This is just one example of how we can help a business grow by backing its trade ambitions. We look forward to many more examples of firms exporting to Vietnam with our support in the years ahead.
Chief Executive of UK Export Finance
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