VietinBank and JFC strengthen ties

September 04, 2013 | 10:53

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VietinBank, Japan Finance Corporation (JFC) and the Japan External Trade Organization just inked at a deal at a customer conference for Japanese small and medium-sized enterprises (SME) in Hanoi.

The agreement stipulates that the JFC will promote VietinBank expansive services to Japanese SMEs and issue Stand-by Letters of Credit to guarantee their VietinBank loans.

The services to be promoted include accounts and deposits, cash management, internet banking, and foreign exchange. Most importantly, VietinBank will provide flexible financing solutions to meet clients’ capital needs quickly and efficiently.

The lending terms on this financing will range from one to five years and will be calculated in Vietnamese dong to avoid risks resulting from the floating interest rate policy. The rate will also be open to periodic revisions to help diversify firms’ financial resources.

According to VietinBank deputy general director Pham Huy Thong, the bank has formed a specialised section (the Japanese Desk) to build and maintain high-quality relationships with Japanese partners and to support Japanese customers in accessing VietinBank’s diverse capital sources.

“Japanese SMEs can access a full suite of highly effective and practical services at VietinBank which would help them keep up with their capital expansion plans and scale-up operational efficiency, and thereby forge stronger relations between Vietnam and Japan,” Thong said.

“I expect that VietinBank’s advantages will make it a top choice for Japanese firms doing business in Vietnam,” said JFC executive director Takamichi Harada.

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