On September 14, 2006, Mizuho Financial Group (Mizuho Bank, Ltd. and Mizuho Corporate Bank, Ltd.) and the Ministry of Planning and Investment ("MPI") of the Socialist Republic of Vietnam signed a Memorandum of Understanding ("MOU") concerning support for Japanese companies that are establishing operations in Vietnam.
1. Framework of the MOU
- (1)Cooperation on seminars aimed at Japanese companies considering investment in Vietnam.
- (2)Support for direct investment projects undertaken in Vietnam by Japanese companies.
- (3)Sharing of information on projects in Vietnam.
2. Objective of the MOU
- (1)As the government agency in charge of approvals and advisory services relating to foreign investment in Vietnam, the MPI single-handedly oversees the investment application process and advisory / consultation related to investment in Vietnam, making MPI the key liaison agency to contact from companies considering investment in Vietnam.
- (2)The Mizuho Financial Group, in cooperation with MPI, has previously sponsored seminars and other events aimed at Japanese companies. In order to further enhance the support structure for Japanese companies wishing to establish operations in Vietnam, the Mizuho Financial Group and MPI have entered into this MOU. As part of the action plan under this MOU, Mizuho Financial Group will (i) be a supporting sponsor in the APEC Summit scheduled for November 2006 in Vietnam and (ii) proactively promote personnel interaction (including acceptance of trainees).
- (3)Vietnam is now the fifth country in Southeast Asia with which the Mizuho Financial Group has concluded such an MOU. The other countries are: Thailand (August 2002), Singapore (August 2005), Malaysia (February 2006), and Indonesia (August 2006).
- (4)Mizuho Financial Group hopes to enhance investment activities in both Japan and Vietnam through mutual cooperation with MPI, utilizing the strengths and advantages of both parties, including Mizuho's vast customer base and expansive office network, and MPI's expert advisory capabilities and excellent support in Vietnamese business matters.