Deputy Prime Minister Vuong Dinh Hue (right) shakes hands with Shosuke Mori, head of the Sumitomo Mitsui Banking Corporation (SMBC)’s Asia Pacific Division (Photo: VNA) Hanoi (VNA) – Deputy Prime Minister Vuong DinhHue received in Hanoi on March 5 Shosuke Mori, head of the Sumitomo MitsuiBanking Corporation (SMBC)’s Asia Pacific Division, describing the bank as aneffective credit channel and a gateway for foreign investors, including thosefrom Japan, to enter Vietnam.
The SMBC, one of the largest and oldest banks in Japan,is pursuing the new “Asia-centric” strategy which seeks to strengthen itsbusiness in Asia and Vietnam is an important part of the strategy, Mori toldthe Deputy PM.
As the Government of Vietnam has been restructuring thelocal banking system, the SMBC wants to take part in that process bysustainably developing Eximbank and supporting other local banks’ reforms inthe coming time, he said.
As a global bank, the SMBC expects its clients worldwidewill invest in Vietnam and the bank hopes to contribute to the development ofVietnam’s banking industry with its new banking management system, he added.
Deputy PM Hue welcomed the presence of SMBC in Vietnamand the role it is playing to restructure Eximbank.
He noted that a new scheme for restructuring creditinstitutions was adopted to improve capacity of commercial banks and acceleratethe resolution of non-performing loans.
Though the restructuring process has harvested somepositive outcomes but many challenges are waiting ahead, Hue said.
The government is committed to continue improving localbusiness climate and providing favourable conditions for both domestic andforeign investors, he stated, adding that it will do it best to support SMBC inVietnam.
The SMBC has made present in Vietnam since 1994 with twobranches in Hanoi and Ho Chi Minh City. Last year, both of its branches postedno non-performing loans and a total of 291.6 billion VND (over 12.8 millionUSD) in net profit.
It is also Eximbank’s strategic investor who currentlyholds 15 percent of the Vietnam-based bank’s charter capital.-VNA
VNA
