BIDV signs 18th MOU with Japanese bank to provide banking support and consultancy.
The Bank for Investment and Development of Vietnam (BIDV) will cooperate with the Japanese bank Hiroshima Shinkin (HS) via a Memorandum of Understanding (MOU) signed on December 12.
BIDV is the first partner of HS in Vietnam.
The partnership will focus on serving HS's clients operating in Vietnam. In particular, through introductions and bank guarantees from SH, Japanese companies in Vietnam will work with BIDV to receive banking services such as account opening, provision of credit, and payroll, etc. The firm will also receive consultancy from BIDV regarding Vietnam's banking laws, the financing of foreign investment, the taxation system, accounting regimes, and staff recruitment, among others.
The cooperation between two banks is based on an expectation that the number of Japanese companies in Vietnam will increase. HS's clients mostly operate in the south of the country and in March 2015 the Japanese bank expects to organize a business trip for its clients to visit and identify investment opportunities in Vietnam.
HS is the 21st largest bank in the Shinkin banking network, ranked 119th in Japan and 941st in the world (based on total assets as at March 31, 2013). Assets and equity of HS as at the same date were VND283.5 trillion ($13.5 billion) and VND19.15 trillion ($912 million), respectively. The Japan Credit Rating Agency (JCR) rates HS as long-term A.