The Bank for Investment and Development of Vietnam (BIDV) and Japan Bank for International Cooperation (JBIC) have recently signed a business cooperation agreement under which BIDV will operate a Japan Desk.

The agreement also provides for JBIC to arrange loans for Japanese small- and medium-sized enterprises (SMEs) to conduct business activities in Vietnam.

The cooperation agreement comes as a result of a Japanese government initiative from last December designed to support Japanese SMEs in Asia, for which JBIC is the regional coordinator for financial support services through local banks across the Asian region.

In April, BIDV established a working group to implement a Japan Desk and be ready to provide diverse financial services with competitive pricing, from deposit, payment, cash management, trade financing, as well as other advisory services.-VNA