Approval-in-Principle Received for the Establishment of Ho Chi Minh City Branch

February 24, 2006

On February 21, 2006, Mizuho Corporate Bank, Ltd. (President & CEO: Hiroshi Saito) received approval-in-principle from the State Bank of Vietnam for the establishment of a branch in Ho Chi Minh City, Socialist Republic of Vietnam. Accordingly, Mizuho Corporate Bank is moving forward with the establishment of a branch in Ho Chi Minh City, aiming for start-up of operations in October 2006.

In 1986, the Socialist Republic of Vietnam implemented the Doi moi economic reform program, of which two of the main pillars are the establishment of a market-oriented economy and the liberalization of foreign investment into Vietnam. In addition to the current stable and high rate of economic growth maintained in Vietnam, the country boasts a favorable investment environment, marked by stable socio-political conditions and a skilled labor force. On this backdrop, new direct investments by Japanese companies are on a rising trend, both in number and amount. Also, many Japanese companies with operations already established in Vietnam are actively increasing their investments to expand business operations.

At present, Mizuho Corporate Bank's presence in Vietnam consists of the Hanoi Branch and the Ho Chi Minh City Representative Office - one branch and one representative office. With the approval of the Ho Chi Minh City Representative Office's conversion to branch status, Mizuho Corporate Bank's reinforced network will consist of two branches covering northern and southern Vietnam, enabling Mizuho to provide full support to customers wishing to engage in business in Vietnam.

Reference: Outline of Ho Chi Minh City (formerly known as "Saigon")

Population 6.06 million (2004)
Description Located in the southern part of the country, Ho Chi Minh City is the largest city in Vietnam and is named after the country's founder, Ho Chi Minh. In contrast to Hanoi, the capital and political center of Vietnam, Ho Chi Minh City is the country's industrial and economic center and boasts a wide variety of industry.
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