At the meeting, Minh said the Vietnam-Japan relationship is developing fruitfully across spheres, and Japan is now Vietnam’s largest ODA supplier with about 27 billion USD.

Japan is also Vietnam’s second foreign investor with accumulated investment amounting to 60.3 billion USD, making up 15.7 percent of total foreign investment in the country.

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Deputy Prime Minister Pham Binh Minh receiving General Manager of Business Development Department at Japan’s Sumitomo Mitsui Financial Group

Japan is the fourth largest trade partner of Vietnam, with bilateral trade reaching 60 billion USD last year, the official added.

Minh attributed the achievements to contributions in terms of both finance and operational experience of Japanese financial and credit organizations over the past time, including SMFG.

The Vietnamese government appreciates the role of SMBC that has operated in Vietnam over the past nearly two decades, providing financial and banking services, as well as support for many major energy and infrastructure projects in the country with combined funding of about 20 billion USD.

Minh expressed his hope that SMFG and SMBC in particular will develop further and expand its investment and business in Vietnam, while continuing to work as a bridge for Japanese firms in the Southeast Asian nation.

The Vietnamese government also encourages the participation of credit organizations with financial potential, experience and capacity to help local credit organizations, the Deputy PM said, adding that he welcomed SMBC’s investment in FE Credit – a consumer finance division of VPBank, and noted his belief that the cooperation will be a success.

For his part, Yoshimura pledged that SMFG will continue to prioritise its efforts and resources to business development in Vietnam, saying he believes that the group will contribute to the growth of relations between the two countries.

He said SMBC’s investment in FE Credit is the biggest foreign invested project in the banking sector in Vietnam, which has demonstrated SMFG’s commitments to contributing to the country’s development as well as the bilateral ties for a long run.

Currently, Japan ranks third in terms of its presence in Vietnam’s banking sector, with six branches, two financial companies and 10 representative offices.

Source: VNA