- Region: Asia
- Manufacturing and Services
- Mid-tier Enterprises and Small and Medium-Sized Enterprises(SMEs)
August 30, 2013
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a memorandum of understanding (MOU) with Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), a major state-owned bank in the Socialist Republic of Vietnam, for developing and strengthening a framework to support Japanese mid-tier enterprises as well as small and medium enterprises (collectively "SMEs") through Japanese regional financial institutions. Under this MOU, JBIC has built a framework for conducting continuous consultations on concrete cooperative measures with Vietcombank to support business expansion into Vietnam by Japanese SMEs with which Japanese regional financial institutions have business relations.
Since the Financial Services Agency, the Ministry of Finance, and the Ministry of Economy, Trade and Industry issued a joint press release, the "Development and Strengthening of Support System by Financial Institutions for Small and Medium Enterprises'Entry into Asia through Coordination among Japanese Regional Financial Institutions, Japan Bank for International Cooperation (JBIC) and Japan External Trade Organization (JETRO)" in December 2010, JBIC has been working with the Regional Banks Association of Japan, etc., to strengthen partnerships with overseas local financial institutions, while identifying the needs of SMEs for expanding overseas business operations through Japanese regional financial institutions. While Vietcombank is engaged in broad range of financial services for the local business community, it is seeking to expand operations targeting Japanese SMEs as a new business area and thus intends to work closely with Japanese regional financial institutions that have business relations with them with a view to creating new business opportunities. Based on this MOU, JBIC will conduct discussions with Vietcombank in seeking to build a concrete collaborative framework through the active utilization of the Japan Desk (windows for exclusively providing services to Japanese companies) set up by Vietcombank in order to support the expansion of business operations of Japanese SMEs in Vietnam.
To date, JBIC has signed similar MOUs with KASIKORNBANK Public Company Limited (KBANK) in Thailand, PT. Bank Negara Indonesia (Persero) Tbk (BNI) in Indonesia and the State Bank of India (SBI) in India, BDO Unibank, Inc. (BDO) and Metropolitan Bank and Trust Company (Metrobank) in the Philippines and Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) in Vietnam. This MOU follows these MOUs under the framework of the above policy*1.
Drawing lessons from its efforts made in materializing this MOU, JBIC, as a public financial institution, in cooperation with Japanese regional financial institutions, intends to actively seek to strengthen its relationships with other Asian local financial institutions, thereby developing and strengthening a framework to support overseas deployment of Japanese SMEs.
- *1 See Press Releases about MOUs with: KBANK in Thailand on May 30, 2011; BNI in Indonesia on July 28, 2011; SBI in India on August 31, 2012 ; BDO and Metrobank in the Philippines on March 21, 2013 ; and BIDV in Vietnam on July 25, 2013 .