State-owned bank, exporters seek bonded warehouse in US

December 7, 2009
Vietnam Development Bank, a non-profit state-owned lender, and nearly 20 local exporters plan to build a bonded warehouse in the US to faciliate exports.

The warehouse would help Vietnamese exporters save storage costs and there would always be goods available for exporters to sell to the market when necessary, Vietnam Development Bank General Director Nguyen Quang Dung was quoted by newswire VietNamNet as saying Sunday.

The bank, one of Vietnam’s two policy lenders, and the exporters are seeking government approval for their plan, Dung said, adding that they could face many funding and procedural obstacles.

Vietnam is among the top 30 exporters to the US. Local exporters in 2007 proposed a similar plan to build a warehouse in the EU but the plan has made no progress since, VietNamNet said.

Source: Thanh Nien

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