Customers at Shinhan Bank’s Hoan Kiem Branch in Hanoi (Source: VNA) Hanoi (VNS/VNA) - Foreign banks in Vietnam have been expanding their transaction networks and increasing their charter capital in a bid to increase market share, especially in the retail banking sector. Malaysian’s Public Bank Vietnam Ltd last week received the State Bank of Vietnam (SBV)’s approval to open three new branches and two new transaction offices in Hanoi, Ho Chi Minh City and Da Nang to raise its total network in Vietnam to 18 outlets. The SBV also allowed the Republic of Korea’s Woori Bank Vietnam Ltd to establish branches and a transition office. SBV Governor Le Minh Hung gave the bank the go-ahead to establish branches in the provinces of Thai Nguyen, Ha Nam, Hai Phong, Dong Nai and Binh Duong, and a transaction office in HCM City. In mid-May, another Korean Bank - Shinhan Bank Vietnam - also established four additional branches and transaction offices in Hanoi and HCM … [Read more...] about Foreign banks expand operations in Vietnam
Woori bank vietnam
Foreign banks enlarge operations in Viet Nam
Foreign banks in Viet Nam have been expanding their transaction networks and increasing their charter capital in a bid to increase market share, especially in the retail banking sector. Malaysian’s Public Bank Vietnam Ltd last week received the State Bank of Viet Nam (SBV)’s approval to open new three branches and two new transaction offices in Ha Noi, HCM City and Da Nang to raise its total network in Viet Nam to 18 outlets. The SBV also issued Document No 4660/NHNN-TTGSNH on June 21, 2018 to allow South Korea’s Woori Bank Vietnam Ltd to establish branches and a transition office. SBV Governor Le Minh Hung gave the bank the go-ahead to establish branches in the provinces of Thai Nguyen, Ha Nam, Hai Phong, Dong Nai and Binh Duong, and a transaction office in HCM City. In mid-May, another Korean Bank - Shinhan Bank Vietnam - also established four additional branches and transaction offices in Ha Noi and HCM City, raising its total to 30 nationwide. The expansion has … [Read more...] about Foreign banks enlarge operations in Viet Nam
Woori Bank to open five branches in Vietnam
Woori Bank is allowed to open five branches and a transaction office in Vietnam. (Photo: vneconomictimes.com) Hanoi (VNS/VNA) - The State Bank of Vietnam last week sent a document to the Republic of Korea’s Woori Bank allowing it to open five branches and a transaction office in Vietnam. The branches will be opened in Thai Nguyen, Ha Nam, Hai Phong, Nhon Trach (Dong Nai) and Binh Duong. The transaction office will be established in Phu My Hung under the Ho Chi Minh City branch. Most of the branches will be located in large industrial zones and areas with numerous foreign direct invested firms. Woori Bank is one of the nine wholly owned foreign banks in Vietnam. It was granted licence for operations in the country in 2016, with a charter capital of 3 trillion VND (131 million ÚD). Banks and large groups from the RoK have been accelerating their operations in Vietnam. Shinhan Bank has also been continuously expanding its operations in Vietnam, especially in retail … [Read more...] about Woori Bank to open five branches in Vietnam
Samsung Pay providing more functions and bank links
Samsung also introduced new features such as allowing users to make mobile payment through actions with their smart watch Samsung Gear S3, enjoying money withdrawal from ATM, or benefiting from many incentive policies for membership cards. Accordingly, the list of banks and payment cards that are available on Samsung Pay increased. Besides the ability to replace the domestic ATM card NAPAS of six banks of Vietcombank, Vietinbank, BIDV, Sacombank, Shinhan Bank, ABBank as well as the international Visa or Mastercard of three banks of Vietinbank, Citibank, and Shinhan Bank in any location of bank card payment, Samsung Pay cards can now be used instead of the domestic ATM card NAPAS of Agribank, Techcombank, TPBank, SeABank, Woori Bank Vietnam as well as the international Visa or Mastercard of Vietinbank, Sacombank, TP Bank, Maritime Bank, Saigon Commercial Bank SCB, and FE Credit. In addition to its three current benefits for mobile payment, being simple, safe, … [Read more...] about Samsung Pay providing more functions and bank links
South Korean banks entering Vietnam in wake of FDI surge
In the wake of the massive FDI influx from South Korea, the country’s banks are venturing further into Vietnam’s promising financial market, Photo: Le Toan Banks see the potential The domestic economy has grown tremendously over the past few years, with South Korean direct investment in 2017 standing at $3.97 billion in registered capital, second only to Japan, according to the General Statistics Office. As a logical consequence, South Korean financial institutions have increasingly gained footholds in Vietnam to cater to the financial needs of foreign direct investment (FDI) businesses and investors. Nine banks including two local corporations and seven branches or representative offices, five securities firms, two leasing companies, and three finance companies from South Korea have so far joined the local banking and finance landscape. The past year saw an upturn in the presence and operation of South Korean financial institutions in Vietnam, evident in wholly … [Read more...] about South Korean banks entering Vietnam in wake of FDI surge