President Barack Obama on Monday gave approval for the U.S. Export-Import Bank to extend a $125.9 million loan to a state-owned company in Vietnam to buy a U.S.-made telecommunications and television satellite, the White House said.

The proposed sale, which also must be presented to Congress for a 35-day review before it can be approved by Ex-Im's board, is to Vietnam Post and Telecommunications Groups, a wholly state-owned company.

Obama's presidential determination did not provide the name of the U.S. seller, and Phil Cogan, a spokesman for the U.S. Export-Import Bank, said he was still checking to see if he could release the name of the company.

"We're hoping this is the beginning of a flow of deals in the pipeline from Vietnam," Cogan said.

The fast-growing and populous Southeast Asian country has "enormous infrastructure needs" ranging from renewable energy to highways to airports to telecommunications, he said.

U.S. Ex-Im Bank President Fred Hochberg has visited the country twice to promote U.S. exports.

The United States is also negotiating a regional free trade pact known as the Trans-Pacific Partnership.

Source: Reuters