VietinBank and MUFG Bank celebrate 10 years of strategic alliance

May 24, 2023 | 10:00
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VietinBank and MUFG Bank Ltd. have commemorated the 10-year strategic alliance that has enabled both organisations to support the growth of Vietnam’s banking sector and foster deeper Vietnam-Japan exchanges.

The anniversary was celebrated at a gala ceremony in Hanoi on May 19, with executives from Vietnam’s business community and senior government officials from both Vietnam and Japan in attendance.

The partnership officially began in May 2013, when MUFG, the banking entity of one of the world’s largest financial groups, invested in a 19.73 per cent stake in VietinBank, one of Vietnam’s top banks.

This strategic investment and comprehensive cooperation agreement was regarded as an unprecedented merger and acquisition investment in the history of the Vietnamese banking industry. Since then, both organisations have leveraged their respective strengths to better serve clients and connect them to opportunities both within Vietnam and across Asia.

VietinBank and MUFG Bank celebrate 10 years of strategic alliance
VietinBank's chairman and MUFG Bank’s CEO at the ceremony

Ten years of progress together

Over the past 10 years, the synergy of VietinBank and MUFG’s combined network and expertise has allowed both banks to not only expand their business franchise but also provide comprehensive solutions targeting diverse financial needs across the entire customer value chain.

Under this strategic partnership, MUFG cooperated with and supported VietinBank in various areas such as promoting retail and corporate banking, as well as sharing best practices in terms of risk, compliance, and strategic planning.

Tran Minh Binh, VietinBank chairman said, “The VietinBank-MUFG Bank partnership has grown and developed continuously over the last ten years. It has not been limited to the predefined collaboration areas and has now expanded to cover MUFG’s strategic partner banks in ASEAN – Bank of Ayudhya in Thailand, Security Bank in the Philippines, and Bank Danamon in Indonesia, as well as the subsidiaries within VietinBank Group’s ecosystem.”

Yasushi Itagaki, head of MUFG’s Global Commercial Banking Business Group said, "MUFG’s partnership with VietinBank was the first strategic investment that kickstarted the growth of an unrivalled Asia-Pacific network comprising some of Southeast Asia’s top financial institutions. As such, it serves as both a cornerstone of our regional franchise and a special reminder of our strategic intent and commitment to Asia. Our core strategy has been to leverage the capabilities of both banks to contribute to the growth of our customers in Vietnam and the country’s economy."

"Over the course of the past 10 years, we have made great progress in furthering not just the partnership but also fostering Japan-Vietnam bilateral ties and the growth of the local banking sector. As Vietnam’s ascendancy in ASEAN gains momentum and the nation becomes further integrated into global supply chains, we remain committed to deepening our partnership with VietinBank to further contribute to the next chapter of the country’s success story," he said.

Speaking at the ceremony, Pham Thanh Ha, deputy governor of the State Bank of Vietnam, showed his appreciation for the strategic alliance which has successfully synergised the two banks’ potential and strengths to create remarkable achievements while supporting the business communities and bilateral investment and trade ties between Vietnam and Japan. The State Bank of Vietnam acknowledges the efforts of both banks in terms of environmental, social, and governance initiatives, and hopes VietinBank will leverage MUFG’s experience in this area to become a leader in sustainable finance in the nation.

VietinBank and MUFG Bank celebrate 10 years of strategic alliance
Pham Thanh Ha, deputy governor of the State Bank of Vietnam, appreciates the two banks’ partnership

Deepening Japan’s ties with Vietnam

Over the last 10 years, the VietinBank-MUFG alliance has played a role in supporting and connecting business communities. Since 2013, VietinBank and MUFG have jointly organised conferences for the Prime Minister of Vietnam to meet senior executives of Japan’s leading corporates during his official visits to the country, along with Business Matching fairs, which open up new opportunities for corporate clients in both countries.

At the ceremony, Yamada Takio, Ambassador of Japan to Vietnam, expressed his hopes that the VietinBank-MUFG Bank strategic alliance to grow further and deeper, serving to connect the business communities of Vietnam and Japan while continuing to contribute to the economic development of the two countries.

VietinBank and MUFG Bank celebrate 10 years of strategic alliance
Yamada Takio, Ambassador of Japan to Vietnam, speaking at the ceremony

In a strong show of support for the community, as well as Vietnam-Japan bilateral ties, VietinBank and MUFG have jointly provided financial aid to primary and nursery schools in Dong Thap and Hung Yen provinces, a child care centre in Hanoi, and helped Vietnamese students in Japan overcome economic difficulties during the pandemic. The sponsorship totalled VND32 billion ($1.36 million).

Tran Minh Binh, VietinBank's chairman stated, “These achievements are the result of our two banks’ efforts to overcome cultural and language barriers, geographic distance, and the challenges of an unpredictable global economy, showing our commitment to a long-term and sustainable partnership. Looking forward, I believe the two organisations will create more strong collaboration initiatives, contributing to the promotion of economic and trade ties between Vietnam and Japan in commemoration of the 50th anniversary of the establishment of Vietnam-Japan diplomatic relations (1973-2023).”

Kojima Masao, MUFG Vietnam country head said, “MUFG Vietnam has worked closely with VietinBank to nurture greater friendship between Japan and Vietnam through business collaborations and contributions to the community. We remain committed to empowering a brighter and more sustainable future for Vietnam and look forward to working with VietinBank towards achieving this shared vision.”

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