Illustrative image (Source: Internet)
Hanoi (VNA) – The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) and the Yachiyo Bank of Japan have inked a memorandum of understanding (MoU) on cooperation in supporting Japanese firms in Vietnam.

This is the 26th Japanese bank that BIDV has signed such a cooperation deal with in this field.

​Under the MoU, BIDV and Yachiyo Bank will cooperate in providing banking services and products for Japanese companies operating in Vietnam which are Yachiyo’s customers.

The two banks will work towards meeting the needs of their customers for various financial-banking products and services, including the opening and management of accounts, deposits and loans, guarantees, domestic and international payment and currency trading.

Additionally, the two banks will coordinate in providing the clients with information and consultancy relating to investment and business climate in Vietnam, the country’s legal regulations for foreign investors in banking and finance, and business matching.

Established in 1924, Yachiyo Bank is a regional bank headquartered in Tokyo , Japan . Its total assets and owner’s equity as of March 31, 2016 were 20.7 billion USD and 987 million USD, respectively, with a network of 84 branches.

Meanwhile, BIDV is Vietnam’s leading State commercial bank with total assets by June 30, 2016 reaching 930,500 billion VND (42.5 billion USD). It established partnerships with more than 1,700 banks and bank branches in 122 countries and territories.-VNA