The Japan Bank for International Cooperation (JBIC) will increasing loans for Vietnamese businesses to invest infrastructure and energy development projects, said Masaaki Yamada, managing executive officer and global head of the bank’s Energy and Natural Resources Finance Group.
The bank has been providing loans and promoted foreign investment in Vietnam, with a focus on large-scale projects such as the Nghi Son oil refinery and petrochemical plant, Nghi Son 2 thermal power plant and expanded Vinh Tan thermal power plant.
Nghi Son oil refinery is the country's biggest investment project with total registered capital of $9.3 billion and started operation in Thanh Hoa province last November, with Japanese companies Idemitsui Kosan contributing 35.1 per cent and Mitsui Chemicals 4.7 per cent of stakes and the remaining chipped in by PetroVietnam and Kuwait Petroleum International.
Masaaki Yamada told Vietnamese Deputy Prime Minister Trinh Dinh Dung in a recent meeting that almost all JBIC-funded projects are operating effectively.
Dung asked JBIC to research and broaden loans for Vietnamese enterprises and Vietnamese-Japanese joint ventures.
Dung said the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and bilateral agreements would open up new opportunities for the two countries.
Japan is one of Vietnam’s leading economic partners, with Japanese investors registering to invest $ 57 billion in the Southeast Asian country. Japan has also pledged $30 billion in official assistance development to Vietnam.