Japan’s Sumitomo Mitsui invited to take part in Vietnam's banking revamp
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.
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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.
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