The GSM-102 program provides credit guarantees to encourage financing of commercial exports of U.S. agricultural products. By reducing financial risk to lenders, credit guarantees encourage exports to buyers in countries — mainly developing countries — that have sufficient financial strength to have foreign exchange available for scheduled payments.
The program is available to U.S. exporters and Vietnam importers of:
• high-value, consumer-oriented, processed products such as frozen foods, fresh produce, meats, condiments, wine and beer;
• intermediate products such as hides, flour and paper products; and
• bulk products such as grains, oilseeds and rice.
The GSM-102 program guarantees credit extended by the private financial sector in the United States (or, less commonly, by the U.S. exporter) to approved foreign financial institutions using dollar-denominated, irrevocable letters of credit for purchases of U.S. food and agricultural products by foreign importers. USDA’s Foreign Agricultural Service (FAS) administers the program on behalf of the Commodity Credit Corporation (CCC), which issues the credit guarantees. GSM-102 covers credit terms of up to 18 months; maximum terms may vary by country.
Country/Region Announced Available
Geographical Area: Burma/Myanmar, Cambodia, Indonesia, Laos, Malaysia, Papua New Guinea, Philippines, Singapore, Taiwan, Thailand, Timor Leste, and Vietnam
Eligible Banks in Vietnam
Any bank approved by CCC for Vietnam is eligible. For a complete list of eligible banks, refer to the CCC “GSM Program Foreign Bank Obligors” page. U.S. exporters are advised to obtain from their foreign buyer the name of the CCC‑approved foreign bank that will be opening the letter of credit. Below are eligible banks in Vietnam.