Vietnam’s Export-Import Commercial Joint Stock Bank (Eximbank) signed a technical service contract with Japan’s world-leading Sumitomo Mitsui Bank (SMBC).

Under the contract, the SMBC will share experiences with Eximbank in modern banking management, provide advanced technology, help create a sustainable development strategy, and promote the application of information technology and security systems, thus improving the bank’s competitiveness in the local market.

The contract will help Eximbank implement its development strategy and facilitate the expansion of the banks retail and business banking services, along with enhancing risk management, corporate management, and information technology, as well as providing training at international-standards, said Truong Van Phuoc, Eximbank General Director.

According to the bank’s chief, the Vietnamese banking sector needs to access modern methods of management to further its integration into the world economy.

Eximbank has been given the green light to raising its chartered capital to 8.8 trillion VND (nearly 500 million USD), becoming one of Vietnam’s largest chartered capital banks.

The bank is networked with 720 banking agencies in 65 countries worldwide./.