Mizuho Financial Group will set up an US$252 million (28 billion Japanese yen) investment fund early this summer to invest in small- and medium-sized companies in Southeast Asia, Nikkei reported.

The fund is targeting businesses in countries such as Viet Nam, Indonesia and Malaysia. Each selected SME will receive around $9 million (1 billion yen).

Through this fund, the Japanese company may also support joint ventures between Japan and Southeast Asian nations, as well as send staffs to the firms.

The group is likely to invest a total of more than 10 billion yen, while other companies such as Dai-ichi Life Insurance will contribute several billion yen. Other Japanese banks and European investors are also considering investing in the fund.

Southeast Asia is one of the fastest-growing regions in the world, with its rising population and growing middle-class, which are boosting the region’s economic growth.

Mizuho is Japan’s second largest financial group and among the top 20 largest financial groups in the world, with diversified investments in banking, stocks and investment funds. It has branches in Ha Noi and HCM City and is Vietcombank’s largest foreign shareholder, with 15 per cent stake. — VNS