Wednesday, June 28 2017

VietNamNews

Sumitomo Mitsui encouraged to invest in VN infrastructure

Update: May, 04/2017 - 12:00
The flyover highway above the section of Mỹ Đình Area on Belt Road No.3. Deputy Prime Minister Vương Đình Huệ has suggested the Sumitomo Mitsui Banking Corporation (SMBC) invest in infrastructure construction in Việt Nam. — Photo vietnamcolors.net
Viet Nam News

HÀ NỘI – Deputy Prime Minister Vương Đình Huệ has suggested the Sumitomo Mitsui Banking Corporation (SMBC) invest in infrastructure construction in Việt Nam while meeting with an executive of the Japanese bank. 

Sumitomo Mitsui currently holds 15 per cent of the charter capital of the Việt Nam Export-Import Commercial Joint Stock Bank (Eximbank) and used to support Japanese and Vietnamese businesses with capital and financial services. 

It has expressed the intention of expanding operations in small- and medium-sized enterprises development and infrastructure building in the country. 

At the meeting in Hà Nội on Wednesday
, Deputy PM Huệ applauded Sumitomo Mitsui’s investment and business partnership in Việt Nam. 

He said some 700km of a north-south expressway is set to be built in the country from now to 2020, the construction of which will cost some VNĐ200 trillion (US$8.8 billion). SMBC and other investors from Việt Nam and other countries can invest in the form of a public-private partnership. 

Huệ also voiced his hope that with its experience in financial management. SMBC will help turn Eximbank into a strong credit organisation and further participate in the equitisation and restructuring of State-owned enterprises in Việt Nam. 

For his part, SMBC managing director Ryuji Nishisaki said his firm was interested in the restructuring of credit organisations in Việt Nam and would keep working to successfully restructure Eximbank in the near future. 

He also highly valued Việt Nam’s development of the derivatives market and the bond market to diversify capital mobilisation channels. 

SMBC is ready to send its affiliates working in securities to enter the derivatives market of Việt Nam, according to the director. – VNS

 

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