Lender joins South Korea’s Vietnam economic mission and signs multiple cooperation deals
Shinhan Bank President Chung Sang-hyuk (left) and Nguyen Ngoc Canh, Deputy Governor of the State Bank of Vietnam (SBV), pose for a commemorative photo after their meeting at the State Bank of Vietnam in Hanoi on the 23rd. (Photo provided by Shinhan Bank)
Shinhan Bank announced on April 27 that it had participated in the Republic of Korea government-led economic delegation to Vietnam from April 22 to 24, and signed Memorandums of Understanding (MOUs) with key local financial and industrial institutions.
President Chung Sang-hyuk met with Nguyen Ngoc Canh, Deputy Governor of the State Bank of Vietnam (SBV), emphasizing Shinhan’s 32-year journey alongside Vietnam since becoming the first Korean financial company to enter the market in 1993. They discussed cooperation on financial support to expand the entry of Korean companies into Vietnam and ways to share know-how in the digital and ESG sectors.
Shinhan Bank President Chung Sang-hyuk also met with Le Quang Vinh, President of the state-owned commercial bank Vietcombank, and signed an MOU to support the mutual market entry and business expansion of companies from both countries.
Through this agreement, the two companies agreed to pursue ▲financial support, ▲cooperation in retail finance, ▲collaboration in foreign exchange and capital markets, and ▲cooperation in digital transformation and new financial services. Shinhan Bank plans to support the entry of Korean companies into Vietnam and the expansion of their local businesses, while also strengthening the foundation for cooperation in corporate and infrastructure finance within Vietnam.
Additionally, Shinhan Bank signed an MOU with FPT Group, a Vietnamese Information and Communications Technology (ICT) company. They agreed to cooperate on ▲supporting the mutual market entry of startups from both countries, ▲exchanging expertise in advanced technology fields, ▲innovating the digital ecosystem based on AI and big data, and ▲expanding partnerships in the digital finance sector. The bank plans to act as a ‘private-sector bridge’ to help promising startups achieve global growth by linking them with the group’s startup incubation platform, ‘Shinhan Future’s Lab’.
In addition, Shinhan Bank signed an MOU with Agribank, one of Vietnam’s four major state-owned banks. The key contents of the agreement include financial support for the mutual market entry of Korean and Vietnamese companies, the establishment of cross-border financial solutions, and cooperation on digital transformation and ESG strategies. Through its agreement with Agribank, which has the largest network in Vietnam, Shinhan Bank plans to expand customized financial services for customers moving between the two countries, such as Vietnamese workers and students residing in Korea, and to share its ESG management know-how to foster a sustainable financial ecosystem.
Shinhan Bank President Chung Sang-hyuk stated, “Vietnam is a crucial market that symbolizes Shinhan Bank’s global growth roadmap. In line with the government’s economic diplomacy, we will strive to create a model case of ‘productive finance’ that supports the global competitiveness of Korean companies.”
Yoon Young-sil
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