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Official Gazette

Thursday, November 21, 2019

PM pledges optimal conditions for Japanese MUFG Bank in Vietnam

Updated: 16:26’ - 22/02/2019
The Vietnamese Government is committed to creating the best conditions for foreign firms, including MUFG Bank, to operate in Vietnam, stated Prime Minister Nguyen Xuan Phuc at a meeting with Kanetsugu Mike, President and CEO of the Japanese largest bank in Hanoi on February 22.

The PM congratulated MUFG Bank on its success in Vietnam as a key partner and strategic shareholder of the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank).

He highlighted the progress of the Vietnam-Japan strategic partnership in various fields, including finance and banking.

Kanetsugu Mike said that since MUFG Bank entered Vietnam in 1996, it has received support from local governments, ministries and sectors.

Prime Minister Nguyen Xuan Phuc (Right) welcomes Kanetsugu Mike, President and CEO of MUFG Bank__Photo: VNA

He noted that many Japanese firms have chosen to invest in Vietnam as in the recent five years, the number of MUFG Bank’s Japanese customers investing in Vietnam has surged.

Additionally, Vietinbank has met the Basel II international standards, making important contributions to Vietnamese economic development.

As a strategic shareholder of Vietinbank, MUFG is willing to help Vietinbank increase its charter capital to facilitate business efficiency, he said, expressing his hope for the Vietnamese Government’s support for the move.

He also called for the Government’s assistance to other commercial banks of Vietnam to raise charter capital, which he said that will effectively contribute to the growth of Vietnam.

Lauding the suggestions of the MUFG Bank leader, the Vietnamese PM affirmed that the Government works hard to support all banks, including Vietinbank.

The government has designed a strategy to develop the banking sector towards the top four in ASEAN.

Underlining development achievements Vietnam has made over the years, PM Phuc hailed official development assistance from the Japanese government as well as the investment of Japanese businesses.

However, the PM showed his hope that Japanese firms will invest more in Vietnam with larger projects, thus making Japan the top foreign investor in the country.

He called for MUFG Bank and the CEO continued support to Vietinbank to enhance its management capacity and service quality.

Kanetsugu Mike pledged stronger collaboration with Vietinbank, expressing his belief that the Government and economy of Vietnam will continue to develop strongly.

He said that he hopes the Vietnamese Government will continue backing financial institutions and banks of Japan to invest more in Vietnam’s banking sector, while stressing the need for more investment promotion events.-(VNA/VLLF)

 

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