Korean Development Bank to open branch in Vietnam

The Korea Development Bank (KDB) expects to open a branch in Vietnam to share its experience and support Vietnamese businesses reaching out to global markets, according to Chairman and CEO Kang Seoghoon.

During a meeting between Deputy Prime Minister Le Minh Khai, Mr. Kang, and President and CEO of the Industrial Bank of Korea (IBK) Kim Sung-tae in Hanoi on June 23, Mr. Kang said that although the global economy is facing difficulties, Vietnam has still enjoyed sustainable growth, the Government News reported.

He added that he hopes for a strong partnership with Vietnamese companies in the fields of high technology, digital transformation, and green energy development for climate change mitigation.

Mr. Kim, meanwhile, said he would like to establish a bank specializing in providing financial services to small and medium-sized enterprises (SMEs), contributing to upgrading the ecosystem for local SMEs.

Deputy Prime Minister Khai spoke highly of the contributions of the two banks to connecting South Korean investment with projects in Vietnam.

He said the RoK now has the greatest presence among foreign banking and finance organizations in Vietnam.

Vietnam has 96 credit institutions and foreign bank branches.