Leading South Korean financial institutions are significantly intensifying their strategic expansion into Vietnam, a move underscored by the participation of the chiefs from the nation’s five major commercial banks alongside President Lee Jae Myung during a crucial state visit this week.
Industry reports confirmed on Tuesday that top executives, including Lee Hwan-ju of KB Kookmin Bank, Jung Sang-hyuk of Shinhan Bank, Lee Ho-sung of Hana Bank, Jung Jin-wan of Woori Bank, and Kang Tae-young of NH NongHyup Bank, are scheduled to visit Vietnam from Wednesday through Friday.
This coordinated engagement highlights Seoul’s overarching strategy to strengthen economic collaborations with Vietnam, recognized as one of Southeast Asia’s most rapidly expanding economies. Beyond finance, the focus extends to critical sectors like semiconductors and nuclear energy. Approximately 200 prominent business leaders, including executives from global giants such as Samsung Electronics, SK hynix, and Hyundai Motor Group, are accompanying President Lee on this strategic visit.
Indeed, Vietnam has firmly established itself as a pivotal overseas market for South Korean lenders, who have strategically broadened their presence across key financial sectors including banking, brokerage, and insurance. As per recent data from the Financial Supervisory Service (FSS) in September, Vietnam ranks as the second-largest market for Korean financial firms globally, only behind the United States, boasting approximately 20 operational bank branches and offices.
Among these five prominent South Korean banks, Shinhan Bank demonstrates the most extensive operational footprint, managing 55 outlets under its Shinhan Bank Vietnam subsidiary. It is widely recognized as the preeminent foreign institution in Vietnam’s competitive retail banking sector, achieving a significant net profit of 259 billion won in 2025, which constituted nearly half of its overall international earnings.
Woori Bank is similarly experiencing substantial growth and market traction in Vietnam. Since the establishment of Woori Bank Vietnam in 2017, its network has expanded considerably to include 18 branches and 10 dedicated service offices. Last year, this expanding unit reported a robust net profit of $50.4 million, marking an impressive 12 percent year-on-year increase.
Both KB Kookmin Bank and Hana Bank maintain a strategic presence with two branches each, located in the key economic hubs of Ho Chi Minh City and Hanoi. Notably, Hana Bank further cemented its position by acquiring a 15 percent stake in the Bank for Investment and Development of Vietnam (BIDV), which stands as the nation’s largest state-owned lender by assets. This strategic investment significantly boosted Hana Bank’s profitability in Vietnam, contributing to a nearly 30 percent rise in earnings from the previous year, reaching 189 billion won.
NH NongHyup Bank currently operates a single branch in Hanoi and is actively pursuing regulatory approval for a second strategic branch in Ho Chi Minh City, a plan that has faced protracted delays due to administrative complexities. Historically, high-level diplomatic interventions have proven effective in overcoming such regulatory bottlenecks, suggesting that the current state visit could potentially provide the necessary momentum to advance these crucial expansion plans.
Further underscoring the importance of financial sector cooperation, Financial Services Commission (FSC) Chairman Lee Eog-weon is also scheduled for a visit to Vietnam, with anticipated meetings planned with key officials at the central bank and the Ministry of Finance.
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