Mizuho CEO Sato says Japan firms looking for Vietnam expansion

Yasuhiro Sato, chief executive officer of Mizuho Financial Group Inc. (8411), said Japanese companies are interested in developing operations and finding partners in Vietnam to diversify away from China.

Sato spoke to reporters in Hanoi today after his bank said it would buy a 15 percent stake in Joint-Stock Commercial Bank for Foreign Trade of Vietnam.

“Some important Japanese companies now are trying to have operations overseas more because of yen appreciation and the tsunami.

Vietnam’s economy “has expanded quite a lot” and “business activities are now booming.”

Japanese companies are considering Vietnam as a “very important country” to “have significant operations.”

“Some companies who are leading in technology or automobile industry and some other areas have strong desires to have operations overseas.

“Our non-Japanese clients in the U.S. and European countries are now seeking very good partners in Vietnam.

“Now in China, we have more than 30 Japanese companies. They have too much focus on China so far and they are now looking for the next area to make investment — and Vietnam is the strongest possibility for Japanese companies.”

Source Bloomberg

Tags: Vietcombank, Vietnam banking industry, Vietnam finance, Vietnam financial