Shinhan Bank Joins Vietnam Economic Delegation, Expands Corporate Finance Push

Shinhan Bank is accelerating its push to expand what it calls “productive finance” in Vietnam, following similar efforts in South Korea.

The bank said Monday it joined a government-led Vietnam economic delegation from April 22-24, holding talks with the State Bank of Vietnam and signing business agreements with major local financial and industrial groups.

Shinhan said the trip was aimed at strengthening the foundation for financial cooperation in Vietnam and meeting financing needs of Korean companies operating there as well as Vietnamese firms.

Shinhan entered Vietnam in 1993 as the first South Korean financial company to do so and has expanded its business base since then. Shinhan Vietnam Bank has maintained the top spot among foreign banks in Vietnam in key indicators including total assets, loans and deposits, the bank said.

During the visit, Shinhan Bank CEO Jeong Sang-hyeok met with Nguyen Ngoc Canh, deputy governor of the State Bank of Vietnam, to discuss financial support for expanding Korean business activity in Vietnam and cooperation in digital and ESG (environmental, social and governance) areas.

Shinhan also signed an agreement with Vietcombank, a state-owned commercial bank, covering cooperation on financial support and retail, foreign-exchange transactions and capital markets, and digital transformation. Shinhan said it aims to support Korean companies entering Vietnam while strengthening its position in the local financial market.

With FPT Group, a major Vietnamese information and communications technology company, Shinhan agreed to work on building a digital finance ecosystem based on artificial intelligence and big data.

Shinhan also signed an agreement with Agribank, one of Vietnam’s four largest state-owned banks, focused on financial support to help companies from both countries enter each other’s markets. The bank said it plans to expand tailored services for cross-border customers, including Vietnamese workers and students living in South Korea.

“Vietnam is a key market that symbolizes Shinhan Bank’s global growth roadmap,” Jeong said. “We will create a model case of ‘productive finance’ that supports the global competitiveness of Korean companies and continue a true financial partnership that grows together with local communities.”