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On April 22, Deputy Governor Nguyen Ngoc Canh met with Chang Min Young, Chairman and Chief Executive Officer of the Korea Industrial Bank (IBK) at the headquarters of the State Bank of Vietnam (SBV).
According to details from the meeting, IBK Vietnam has been licensed to establish a 100% foreign-owned bank in Vietnam. The development comes as Korea maintains the largest presence of financial institutions and banks in Vietnam.
Before IBK’s license was granted, nine foreign-owned banks were operating in Vietnam, including two Korean banks: Shinhan Vietnam and Woori Bank Vietnam.
The SBV’s approval marks the first time in nine years that Vietnam has granted a license to establish a new 100% foreign-owned bank. The most recent similar license was issued in 2017, when the SBV licensed United Overseas Bank Vietnam Limited (UOB Vietnam).
IBK’s Chairman and CEO, Chang Min Young, said the bank was established to support small and medium-sized enterprises (SMEs), with 75% of its lending focused on that segment.
He added that IBK’s experience in operating financial mechanisms for SMEs will be a key factor for advisory and cooperative activities with Vietnam. As a 100% foreign-owned bank operating in Vietnam, IBK committed to rapidly stabilizing and operating effectively, contributing to the development of Korea–Vietnam cooperation.
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