09:43 | 02/08/2019 Finance - Banking
Banks from the Republic of Korea (RoK) are making an effort to seize business opportunities in Vietnam, a fast growing market in the region.
|Shinhan has been present in Vietnam since 1993 and currently has 32 branches across the country - Illustrative image: shinhan.com.vn|
Four RoK banks including Shinhan, KB Kookmin, KEB Hana and Woori announced total profits of US$132 million from their businesses in Vietnam in 2018, a 120% increase compared to the previous year.
Shinhan has been present in Vietnam since 1993 and currently has 32 branches, becoming the foreign bank with the highest number of branches in Vietnam. The bank posted a net profit of KRW96.6 billion (US$81.82 million) in Vietnam in 2018, accounting for 26% of Shinhan’s global net profit.
Shinhan Card, a subsidiary of Shinhan Financial Group, acquired Prudential Finance Vietnam last year in a bid to expand its card business in Vietnam.
Meanwhile, KB Kookmin has two branches in Vietnam and Woori has opened nine branches in Vietnam. These banks mainly provide credit to businesses and are seeking to expand their operations to retail finance. They are also planning to increase the proportion of Vietnamese customers.
KEB Hana is also looking for promoting their business in Vietnam. The bank has a branch in Hanoi and the other in Ho Chi Minh City.