US Lends Vietnam $118 Million For Satellite

Posted October 1st, 2012 at 5:35 pm (UTC-5)
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The United States says it will give Vietnam a loan of more than $100 million to buy a telecommunications satellite from a U.S. company.

The U.S. Export-Import Bank Monday said the Vietnamese state-owned company, Vietnam Post, will use the satellite to meet the growing demand of telecommunications and television markets. Ex-Im says the satellite will provide coverage to Vietnam, Cambodia, Laos and Thailand.

The bank says the U.S. company, Lockheed Martin, will make the technology and that the deal will support more than 500 American jobs.

It says President Barack Obama was required to approve the $118 million loan because of its size and because it is granted to what it called a “Marxist-Leninist” country.