Since Vietnam and Korea started a diplomatic relationship in 1992, Korean investment in Vietnam has continuously and sharply increased. Up to now, Korea ranked 2nd among 90 countries and territories investing in Vietnam. Total investment capital from Korea has reached more than US$ 20 billion. The one that has been instrumental in bringing Korean investors to Vietnam is Shinhan Vina Bank.
Back in 1993, a Korean bank was founded in Vietnam under the name of First Vina Bank (now Shinhan Vina Bank). This was one of the first joint ventures of South Korea with Vietnam in the period of innovation. In the first stage, First Bank Vina played the role of a financial supporter for Korean investors in Vietnam and also contributed to the credit – finance development of local banks.
In 1993, Shinhan Vina Bank became the first bank in Vietnam to launch the passbook issuing system, internet –banking system.
In 1994, Shinhan Vina Bank officially launched its first branch in Hanoi. This allowed the bank to better expand its hand to Korean companies in the North.
The Asian financial crisis in 1997 saw a decrease in Korean investment in Vietnam. The crisis directly impacted financial activities, especially banking operations. However, by diversifying services and expansion, Shinhan Vina Bank stayed firm and overcame the crisis.
In 2004, Shinhan Vina Bank successfully accomplished the interface connection with Vietcombank’s network and introduced ATM payment service through the Vietcombank ATM network – one of the largest ATM systems in Vietnam. This helps customers withdraw and transfer money inside the bank easier.
In 2005, Shinhan Vina Bank continued to commit its long – term stay in Vietnam by opening another branch in Binh Duong Province. Dong Nai Branch was also opened 2 years later to serve a quite big number of Korean companies.
Together with Vietcombank, Shinhan Vina Bank has been looking into how to bring the best and most professional services, network and banking solutions, sharing necessary know-how and expanding banking services in Vietnam. In addition, for years, Shinhan Vina Bank has also arranged various courses for Vietcombank employees including legal workshops on mortgage issues, credit assessment courses, risk management, corporate governance and consultation on infrastructure technology.
Mr. Choi Heung Yeon, President of Shinhan Vina Bank said “The year 2008 was an extremely challenging year for both regulator and banks including unstable exchange rate, unnecessary speculation. However, with various policies of the State Bank of Vietnam, close cooperation among banks has led the banking sector to a great deal of progress. We at Shinhan Vina Bank have been through many challenges, especially the Asian Financial crisis and the global economic downturn last year. As a committed long –term player, we have greatly contributed to the development of Vietnamese banking sector through 17 years and will continue to play our important role as a catalysis in attracting foreign investment, especially Korean investors to Vietnam”.
Apart from acting as a financial supporter for Korean investors, Shinhan Vina Bank has also done a good job in fulfilling the responsibility of corporate citizen. Many social activities sponsored by Shinhan Bank including US$ 200,000 for constructing Nam Linh school in Nghe An Province, giving gifts for children in mid-autumn seasons, etc.
For over 17 years in Vietnam, Shinhan Vina Bank has played an important role as a bridge in the commercial and investment relation between Vietnam and Korea in the spirit of moving forward and overcoming thorny obstacles. With a strong regional network from North to South, together with experience and expertise, Shinhan Vina Bank is promising to provide great support for Korean investors in Vietnam and continuously strengthen its position as one of the leading banks in the Vietnam market.
“Taking Vietnam as the top choice for investment, Shinhan Vina Bank will continuously play our key role in both calling Korean investors to Vietnam and providing good banking services to Vietnamese citizens. I believe that with our current services and a growing and skilled workforce, we will surely satisfy the growing financial demands of Korean investors in Vietnam”, shared Choi Heung Yeon.
Ngoc Trang
Vietnamese
