Hanoi (VNA) – Some Japanese banksalready operating in Vietnam have revealed their plans to expand investments,while others hope to make inroads into the market, according to Dau Tu(Investment) newspaper.

Mizuho was one of the first Japanese banks toinvest in Vietnam in 2012. Its initial investment capital of 570 million USDhas doubled. 

At a recent working session with the Joint StockCommercial Bank for Foreign Trade of Vietnam (Vietcombank), President and CEOof Mizuho Financial Group Yasuhiro Sato said Vietcombank is one of its mostsuccessful investments.

He hoped the two sides will expand cooperationto other fields such as stocks and finance after five years of fruitful bankingcollaboration, aiming to develop Vietcombank into a strong financial group.

Another Japanese financial group, SumitomoMitsui, has invested 225 million USD in the Vietnam Export Import CommercialJoint Stock Bank (Eximbank). It has owned 15 percent of Eximbank since 2007.

While meeting with Deputy Prime Minister VuongDinh Hue recently, President and CEO of the Sumitomo Mitsui Banking CorporationRyuji Nishisaki said the group is interested in Vietnamese credit organisations.

Apart from restructuring Eximbank, SumitomoMitsui is ready to help its subsidiary companies join the derivative and bondstock markets in Vietnam, he noted.

Besides seasoned investors such as SumitomoMitsui, Mizuho, Bank of Tokyo, and Mitsubishi UFJ, many other banks from Japanare seeking Vietnamese partners.

Most recently, the Bank for Investment andDevelopment of Vietnam (BIDV) sold 49 percent of shares in its FinancialLeasing Company to Japanese Sumitomo Mitsui Trust Bank (SMTB)

It can be said that Japan is the biggestshareholder of the banking system in Vietnam. With the current wave ofinvestments from Japan, capital contribution deals will expand to other fields,experts said.

Vietnamese banks are also keen to diversifycooperation channels with Japanese partners.

Last week, the Vietnam Bank for Agriculture andRural Development (Agribank) signed a cooperation agreement with Yanmar – aleading Japanese group in farming machines.

Contracts worth 20 billion USD were signedbetween the two countries’ businesses and localities during Prime MinisterNguyen Xuan Phuc’s ongoing visit to Japan.

This record figure is expected to create a newwave of investments from Japanese firms into Vietnam in the coming years.

In fact, domestic banks have eyed Japanesecustomers for five years, as the country’s investment in Vietnam has increased. 

In February 2017, BIDV signed a cooperationagreement with Fukuoka – the 16th largest bank in Japan to serve Japanesecustomers.

VietinBank and Vietcombank also struck dealswith dozens of Japanese banks. 

Vietcombank, in particular, inked cooperationagreements with nearly 60 banks from Japan.-VNA