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Ministry announces insurance credit guarantee for exporters
04
Apr '09
The Deputy Minister, Mr Nguyen Thanh Bien announced that the government will speed up preparations in formulating an export credit insurance scheme which would cover the risks of exporters of the country, in these very difficult times.

He said that the scheme was being carefully scrutinized by the Finance Ministry and a separate department will be set up to handle the same, which he expected to be implemented in the final months of the current year.

Export credit guarantee scheme has still not been introduced in Vietnam till date, though it is a standard in most of the other countries like China, India and the developed countries. It will basically help the exporters in these crucial times, with currencies fluctuating widely.

The scheme also protects the shippers against non-payments form their overseas buyers which is also very important, with the number of payment defaults increasing with each passing day, more particularly from the countries of the EU and the US.

Fibre2fashion News Desk - India

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