Deputy Prime Minister Vuong Dinh Hue has suggested the Sumitomo Mitsui Banking Corporation (SMBC) invest in infrastructure construction in Viet Nam while meeting with an executive of the Japanese bank.

Sumitomo Mitsui currently holds 15 per cent of the charter capital of the Viet Nam Export-Import Commercial Joint Stock Bank (Eximbank) and used to support Japanese and Vietnamese businesses with capital and financial services.

It has expressed the intention of expanding operations in small- and medium-sized enterprises development and infrastructure building in the country.

At the meeting in Ha Noi on Wednesday, Deputy PM Hue applauded Sumitomo Mitsui’s investment and business partnership in Viet Nam.

He said some 700km of a north-south expressway is set to be built in the country from now to 2020, the construction of which will cost some VND200 trillion (US$8.8 billion). SMBC and other investors from Viet Nam and other countries can invest in the form of a public-private partnership.

Hue also voiced his hope that with its experience in financial management. SMBC will help turn Eximbank into a strong credit organisation and further participate in the equitisation and restructuring of State-owned enterprises in Viet Nam.

For his part, SMBC managing director Ryuji Nishisaki said his firm was interested in the restructuring of credit organisations in Viet Nam and would keep working to successfully restructure Eximbank in the near future.

He also highly valued Viet Nam’s development of the derivatives market and the bond market to diversify capital mobilisation channels.

SMBC is ready to send its affiliates working in securities to enter the derivatives market of Viet Nam, according to the director. – VNS