CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Banking & Finance
Japan’s Sumitomo Mitsui invited to take part in Vietnam's banking revamp
Hai Yen 11:12, 2018/11/23
The Japanese bank plans to expand preferential loans to Vietnam, especially in infrastructure development, and commits to a long-term business in the country.
Vietnam’s Prime Minister Nguyen Xuan Phuc expected Japan’s Sumitomo Mitsui Banking Corporation (SMBC), one of the largest and oldest banks in Japan, to play an active role in the country’s banking restructuring process, the government portal reported. 
 
Prime Minister Nguyen Xuan Phuc and Koichi Miyata, president of SMFG and SMBC, in a meeting on November 22. Source: VGP.
Prime Minister Nguyen Xuan Phuc and Koichi Miyata, president of SMFG and SMBC, in a meeting on November 22. Source: VGP.
Phuc highlighted SMBC’s contribution in arranging financing for some of Vietnam’s major socio-economic development projects, in turn solidifying the cooperation relation between Vietnam and Japan. 

Additionally, Phuc requested the Sumitomo Mitsui Financial Group (SMFG) and SMBC to be the focal point and promote investments from Japan to Vietnam, expecting Japan to remain the largest foreign investor in Vietnam. 

At the meeting, Koichi Miyata, president of SMFG and SMBC, said the bank plans to expand preferential loans to Vietnam, especially in infrastructure development, and commits to a long-term business in the country. 

The PM briefed the guests on positive impacts from the current banking restructuring process, adding that the country is on track to maintain high economic growth in the coming time. In this context, the government gives priority to ensuring stable investment and business environments. 

The SMBC has been present in Vietnam since 1994 with two branches in Hanoi and Ho Chi Minh City, which opened in 2006 and 2008, respectively. Last year, both of its branches posted no non-performing loans and a total of VND291.6 billion (US$12.8 million) in net profit. 

The Japanese firm is Vietnam Export Import Commercial Bank (Eximbank)’s strategic investor with a 15% stake.
Comments
Other news
22:02, 2024/12/17
Regional, international financial centers mean boosters to Vietnamese economy: Deputy PM
Ho Chi Minh City envisions its financial center encompassing the money market, banking system, capital market, and derivatives market.
15:44, 2024/11/14
IFC sets record with US$1.6 in climate financing to support Vietnam’s green transition
The new commitments aim to bolster Vietnam's shift towards a low-carbon economy while enhancing private-sector resilience and competitiveness.
21:44, 2024/11/11
Vietnam's credit growth up 10% in 10 months
Vietnam’s central bank has set a credit growth target of around 15% this year.
08:08, 2024/10/05
Building Hanoi's smart city with smart banking
In Hanoi's smart city development strategy, smart payment and open banking ecosystems are critically important.
21:34, 2024/09/19
Vietnam stock market clears major legal hurdle to potential upgrade
Starting November 2, foreign investors will no longer be required to pre-fund 100% of their transactions, promising the removal of a major roadblock for Vietnam's market upgrade process.
17:29, 2024/09/01
Cashless parking in Hanoi: Good model fuels smart transport
Hanoi’s leaders believe that all that's left to do is act with the ultimate goal of serving people from smart transportation, armed with the mindset and solutions of a new global vision and thinking.