VietinBank is expected to assist the Japanese banks and provide customers with banking services. — Photo vaytinchapnganhang.com

Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) inked an agreement with Yamanashi Chuo Bank, Ltd (YamanashiBank) and Joyo Bank, Ltd (JoyoBank).

Under the agreement signed on December 15, VietinBank will directly support business operation of Japanese companies, who are customers of YamanashiBank and JoyoBank in Viet Nam.

Vietinbank will assist the Japanese banks and provide customers with services including information on market, economy, politics and investment in Viet Nam; consulting with authorized agencies on their requirements and financial demands, such as standby letter of credit and letter of guarantee if needed; consulting on mergers and acquisitions and introducing partners; supplying banking transaction services such as cash management, e-banking and trade support; foreign exchange, fund products and other capital markets.

The relationship between Viet Nam and Japan is developing as Japan continues to be a key investor in Viet Nam with annually increasing registered capital flow to Viet Nam. Therefore, Japanese FDI customers are seen as having the maximum potential for Viet Nam, especially the group of small and medium enterprises.

BTMU, a member of the Mitsubishi UFJ Financial Group (MUFG) in Japan, officially became a strategic investor holding 19.73 per cent of VietinBank’s stake. Since then, it has carried out several activities to help VietinBank gain access to Japanese FDI businesses.

To create favourable conditions and boost development, VietinBank’s management board has also approved plans to establish a relationship with other Japanese banks. — VNS