VietinBank and MUFG Bank celebrate 10 years of strategic cooperation

2023 is an important milestone celebrating 10 years of strategic cooperation between VietinBank and MUFG Bank (MUFG), marking the journey of the two banks working together.

The ceremony was held on May 19, 2023 in Hanoi with the participation of leaders of Vietnamese and Japanese government agencies, senior representatives of the two banks and customers.

The cooperation between the two sides officially began in May 2013 after MUFG, a bank belonging to one of the largest financial groups in the world , invested in buying 19.73% of shares of VietinBank - one of the leading banks in Vietnam.

The VietinBank - MUFG strategic investment and comprehensive cooperation contract was considered the largest M&A investment deal ever in the history of the Vietnamese banking industry at that time. The cooperation opened a new development stage for both banks on the basis of promoting the advantages of each side, aiming at the common goal of best serving and bridging the business communities of the two countries.

Chairman of VietinBank Board of Directors and Director of MUFG Bank at the ceremony.

10 years of growing together

Over a decade of cooperation and development, the synergy of experience, expertise, finance and network has allowed the two banks to expand their business operations and provide comprehensive solutions to meet the diverse financial needs of customers.

Currently, MUFG and VietinBank are implementing cooperation and technical support agreements in four main areas, including cooperation in Corporate Customers, Retail Customers, Risk Management - Compliance and Development Strategy.

Mr. Tran Minh Binh, Chairman of the Board of Directors of VietinBank emphasized: “The 10-year journey of companionship between VietinBank and MUFG has gone through a process of continuous construction, enrichment and development.

The cooperation topics between the two sides are not only limited to the scope agreed upon from the beginning but also expanded to all fields, to MUFG's partner banks such as Bank of Ayudhya (Krungsri) in Thailand, Security Bank in the Philippines and Bank Danamon and subsidiaries in the VietinBank ecosystem."

“ MUFG’s strategic partnership with VietinBank has initiated a network of leading financial institutions in Southeast Asia, which is both a foundation for our regional network and a demonstration of our strategic intent and commitment to the Asian region,” said Yasushi Itagaki, Head of MUFG’s Global Commercial Banking Business Unit.

Our core strategy is to leverage the capabilities of the two banks to contribute to the development of our customers in Vietnam and the Vietnamese economy.

Over the past 10 years, we have made great progress not only in promoting this cooperative relationship but also the Vietnam-Japan bilateral relationship and the development of Vietnam's banking industry.

As Vietnam’s position in the ASEAN region is enhanced and it becomes more and more integrated into the global supply chain, we are committed to continuing to deepen our partnership with VietinBank to contribute more to Vietnam’s success story .”

Speaking at the ceremony, Deputy Governor of the State Bank of Vietnam Pham Thanh Ha highly appreciated the close cooperation between the two banks, promoting the internal strength of each side, bringing proud achievements, helping to support connecting the business community, promoting bilateral investment and trade between the two countries.

In particular, the SBV acknowledged the launch of future cooperation activities between the two banks in the field of environment, society and governance (ESG), and hoped that VietinBank would make the most of MUFG's experience to become a leading bank in green finance and sustainable development in Vietnam.

Deputy Governor of the State Bank of Vietnam Pham Thanh Ha highly appreciated the cooperative relationship between the two banks.

10 years of strengthening Vietnam - Japan relations

Over the years, the VietinBank - MUFG alliance has affirmed its role in supporting and connecting the business community. Since 2013, the two banks have co-organized seminars between the Prime Minister of Vietnam and large Japanese enterprises; and Business Matching conferences, opening up many cooperation opportunities for businesses of the two countries.

At the ceremony, Mr. Yamada Takio, Ambassador Extraordinary and Plenipotentiary of Japan to Vietnam expressed his hope that the strategic partnership between VietinBank and MUFG Bank will become increasingly stronger and more sustainable, becoming a bridge connecting Vietnamese and Japanese enterprises, and at the same time, continuing to contribute to the economic development of both countries.

Mr. Yamada Takio, Ambassador Extraordinary and Plenipotentiary of Japan to Vietnam spoke at the ceremony.

Showing strong support for the Vietnam - Japan bilateral relationship and with a sense of responsibility to the community, VietinBank and MUFG have joined hands in many meaningful social security activities such as: providing funding for the construction of Tan Hoi Primary School (Dong Thap) and Nhu Quynh Town Kindergarten (Van Lam, Hung Yen), supporting Vietnamese students in Japan facing difficulties due to the COVID-19 pandemic, and supporting childcare facilities in Hanoi with a total sponsorship amount of more than 32 billion VND.

Mr. Tran Minh Binh, Chairman of the Board of Directors of VietinBank, commented: “The above achievements are the result of the efforts of the two banks to overcome differences in culture, language, geographical distance, difficulties of the pandemic and unpredictable developments of the global economy, demonstrating the orientation and determination for long-term and sustainable cooperation.

In the coming time, I believe that the two banks will continue to have effective cooperation initiatives, contributing to promoting economic and trade cooperation between the two countries, especially in the context of celebrating the 50th anniversary of the establishment of diplomatic relations between Vietnam and Japan (1973 - 2023)".

The cooperation alliance between VietinBank and MUFG has opened a new development phase for the two banks.

“ MUFG Vietnam has been working closely with VietinBank to further develop the friendly relationship between Japan and Vietnam through business cooperation and community contribution activities. We are committed to a bright and sustainable future for Vietnam, and look forward to continuing our journey with VietinBank towards this shared vision,” said Mr. Kojima Masao, Country Director of MUFG Vietnam.

Bao Anh

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