JBIC pledges to invest in Vietnam

The Japan Bank for International Co-operation (JBIC) has committed itself to investing in Asian countries, including Vietnam, said a JBIC senior official.

During a meeting with Prime Minister Nguyen Tan Dung in Hanoi on July 31, JBIC Chairman and CEO Hiroshi Watababe, reaffirmed the commitment of the Japanese government and his banks to supporting Vietnam’s socio-economic development.

He announced future JBIC’s initiatives on co-operation with other countries such as the provision of capital for infrastructure development projects, which will focus on developing clean energies, improving the efficient use of energy, using water resources more effectively and upgrading urban transport networks. The bank also also supports the appropriate capitalisation of small economies, a guaranteed Yen-bond issuance in the Tokyo market with capital of 500 billion Yen (over 5 billion USD) for Asian countries and an initiative on trade promotion, with a Japanese government grant of 22 billion Yen, including 6 billion Yen from JBIC as loans for other banks.

JBIC in Hanoi is willing to discuss and work with others to implement joint projects between Vietnam and Japan, said the Chairman.

Prime Minister Dung spoke highly of Japan’s assistance in Vietnam ’s socio-economic development and welcomed JBIC initiatives.

Although it has achieved a lot, Vietnam still faces a number of difficulties, particularly in finding investment capital for the nations transport infrastructure and in developing sources of energy, said PM Dung.

Vietnam is interested in developing clean energies and improving its transport infrastructure, electricity supplies, and the provision of water for remote, rural, mountainous and island areas, he added.

The PM confirmed the country will create the best possible conditions for JBIC to operate smoothly in Vietnam and asked the bank to provide continued assistance and investment for Vietnam as well as work with the country’s ministries and agencies to effectively implement bilateral co-operation projects.

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