The Bank for Investment and Development of Vietnam (BIDV) has signed a Memorandum of Understanding (MoU) with Japan’s Hiroshima Shinkin bank to support Japanese businesses operating in Vietnam.

Under the deal, the local bank will be Hiroshima Shinkin’s first partner in Vietnam and is expected to provide banking products and services to small- and medium-sized enterprises that are customers of the Japanese bank.

They include payment accounts, credit, wage payments, consultancy on the trade and investment environment in Vietnam, taxation, and recruitment.

The foreign bank plans to organise a business mission to visit Vietnam in March next year to explore investment opportunities.

Hiroshima Shinkin was established in 1945 to provide services such as corporate finance, foreign exchange and individual savings accounts for small and medium-sized enterprises and workers in Hiroshima city, Chugoku region and western Honshu Island.

The bank was graded A/Stable long term issuer rating by Japan Credit Rating Agency Limited (JCR) in June 2014.-VNA