The Bank for Investment and Development of Vietnam (BIDV) and the Sumitomo Mitsui Banking Corporation (SMBC) signed a long term credit agreement on November 27 within the framework of State President Nguyen Minh Triet’s current visit to Japan.

Under the agreement, SMBC and Australia and New Zealand Banking Group Limited (ANZ) will provide a US$100 million credit loan to the BIDV over three years. The BIDV will disburse the loan for signed projects in the coming time.

This is the first time an agreement has been signed by a Japanese bank working as the coordinator of capital sources for Vietnam’s state banks.

The signing ceremony was witnessed by President Triet.