VN part of Japanese investment strategy

(01-08-2009)

HA NOI — The Japan Bank for International Co-operation (JBIC) is willing to invest in Asian countries including Viet Nam, the bank’s Chairman cum CEO Hiroshi Watanabe said in a meeting with Prime Minister Nguyen Tan Dung yesterday.

Watanabe affirmed the commitment of the Japanese Government, as well as JBIC in supporting Viet Nam’s economic development progress.

Viet Nam’s commercial banks were operating sustainably, which was why Viet Nam still succeeded in attracting investments from Japanese enterprises, Watanabe said.

Watanabe also informed PM Dung of the bank’s co-operation initiatives to help other countries recover from the current global financial recession, and the bank’s priorities will be developing countries like Viet Nam.

The initiatives include capital provision for infrastructure development projects with preference given to four sectors: clean energy development, energy usage efficiency improvement, water usage efficiency and urban transport. The capital was estimated at US$25 billion allocated over two years.

Japan offers $200 million loan for Viet Nam to weather crisis

The Japanese Government plans to provide a loan of between $150-200 million to Viet Nam. This is a part of a $3 billion emergency aid package that Japan will use to help Asian countries cope with difficulties as a consequence of the global economic crisis.

The 15-year loan agreement is expected to be signed by the end of the year.

Japan previously provided emergency loans to neighbouring Asian countries during the regional financial crisis in 1997-1998. — VNS

JBIC also planned to spend 500 billion Yen (US$5 billion) to guarantee bonds issued by Asian countries in Tokyo market. The bank would use 6 billion Yen ($60million) to boost trade by lending to commercial banks of other countries, so that those banks in turn would lend to local enterprises.

Representative offices of JBIC and JICA in Ha Noi were willing to co-operate with Vietnamese authorities to implement the co-operative programmes between Japan and Viet Nam in an efficient manner, Watanabe stressed.

Dung expressed appreciation for Japan’s support to Viet Nam’s socio-economic development, especially the bank’s effective and practical assistance.

Dung said, "Thoughmaking some achievements have been reached, Viet Nam still faced many difficulties, particularly shortage of capital for transport infrastructure improvement and energy development."

"Viet Nam is very interested in developing clean energy sources and improving infrastructure such as electricity, transport, and water systems for remote and mountainous areas."

PM Dung applauded JBIC’s initiatives and said: "The Vietnamese Government will pay attention to these initiatives and wishes to join hands with JBIC in capital assistance programmes to develop infrastructure, issuing bonds and boosting trade." — VNS

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