Obama Approves Loan to Vietnamese Communists to Buy Satellite from Lockheed Martin
Friday, July 06, 2012
With its satellite already in orbit, the government of Vietnam will now receive a $125.8 million loan from the U.S. Export-Import Bank (Ex-Im) that will help pay for the space hardware purchased from Lockheed Martin.
The Vinasat-2 telecommunications satellite was launched May 15.
Approval for the loan was delayed by a federal law requiring the White House to sign off on any Ex-Im financing than exceeds $50 million to a Communist country. The Vietnamese expect to earn $10-$15 million a year renting space on the satellite.
Ex-Im Chairman Fred Hochberg applauded President Barack Obama for approving the waiver. He added that the bank considers Vietnam one of the world’s top nine nations with the greatest sales potential for American companies.
To Learn More:
Obama Approves Ex-Im Loan for Vinasat-2 (by Peter B. de Selding, Space News)
Vinasat-2 to Start Service in Q3 (Vietnamnet)
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