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First time in nine years, the State Bank of Vietnam granted a license to establish a bank with 100% foreign capital. The information was shared by Deputy Governor Nguyen Ngoc Canh at a meeting with Mr. Chang Min Young, Chairman and CEO of IBK, on April 22. Thus, IBK becomes the third Korean bank to receive an operating license in Vietnam. The deputy governor also said Korea is the country with the most financial institutions and banks in Vietnam. As of the end of March 2026, nine foreign-owned banks were operating in Vietnam, including two Korean banks Shinhan Vietnam and Woori Vietnam. UOB Vietnam is the nearest foreign bank licensed to operate in Vietnam since 2017. The deputy governor stated that in Vietnam, small and medium-sized enterprises are a key driver of the economy, playing a major role in growth, job creation, and social welfare. The capital demand for this sector is large, especially in the current development phase. The deputy governor expects that with more than 60 years of experience, IBK will provide comprehensive financial services for Korean enterprises in Vietnam as well as domestic SMEs. Mr. Chang Min Young said IBK was established with the aim of supporting SMEs, with about 75% of lending concentrated in this sector. Its leaders believe that experience in building and operating financial mechanisms for SMEs will be valuable for cooperative activities in Vietnam. IBK was established in 1961, with the Korean government owning 68.5% of its capital. As of the end of 2025, IBK’s total assets reached $385 billion, with pre-tax profit for the year of nearly $2.8 billion. The bank currently has two branches operating in Vietnam.
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