§ Mr. MullinTo ask the Secretary of State for Trade and Industry what is the number of contracts between British and Vietnamese companies for which export credits guarantee cover has(a) been applied and (b) granted during each of the last three years.
§ Mr. Redwood[holding answer 15 January 1990]: Since 1982 Export Credits Guarantee Department cover For business with Vietnam has been available only For contracts where payment is to be made on terms of cash against documents out of an irrevocable letter of credit confirmed before shipment by a bank in the United Kingdom. On this basis exports insured in 1987 totalled £30,000 and in 1988, £20,000. No business was covered in 1989.
During the past three years only one inquiry for cover on a potential contract on extended credit terms has resulted in a formal application being submitted to ECGD. The United Kingdom company concerned has been advised that ECGD is not prepared to offer cover.