PM Phuc lauds Japanese banking corporation’s contributions

Prime Minister Nguyen Xuan Phuc (R) and SMBC and SMFG President Koichi Miyata

At a reception in Hanoi on November 22 for President of Sumitomo Mitsui Financial Group (SMFG) and SMBC President Koichi Miyata, the Vietnamese government leader asked SMBC to further expand its investment in Vietnam, while hoping that the Corporation will actively participate in the country’s restructuring of its banking system.

Emphasizing that Vietnam is speeding up its economic development with high demand for capital investment, PM Phuc suggested SMFG and SMBC should enhance their roles as bridges connecting and promoting Japanese investment in Vietnam as a contribution to fostering the bilateral comprehensive partnership.

He also assured the Vietnamese government’s readiness to listen to feedback and ease difficulties facing Japanese investors, while voicing his hope that Japan will become the largest foreign investor in Vietnam.

The Vietnamese cabinet leader also noted with satisfaction large-scale SMBC-funded projects in Vietnam, saying he hopes that SMBC would increase its credit to Vietnamese and Japanese partners, and SMBC would continue notching up successes in Vietnam in the time to come.

Highlighting positive signs in the restructuring of the banking system in Vietnam, the PM affirmed that the country will maintain strong economic growth in the coming time in a multitude of fields, and Vietnam will increase its economic scale, while keeping inflation and credit for real estate and securities in check, thereby creating a stable business environment for investors, Phuc told his guest.

The SMBC President, for his part, said SMBC will expand the provision of preferential loans to Vietnam, especially in infrastructure and expressed his corporation’s desire to receive further support from the Vietnamese Government, ministries, and agencies.

He affirmed SMBC’s willingness stand side by side with Vietnam during its development process and thanked the Vietnamese government, ministries and sectors, especially the State Bank of Vietnam (SBV) for facilitating SMBC’s operations in the country.

In observance of the 10th anniversary of SMBC branch in Vietnam, the corporation invited many major Japanese business representatives to attend this event which is an important occasion to promote the image of Vietnam, he added.