IBK Officially Launches Vietnam Subsidiary 'IBK Vietnam Bank'

Korean Companies Operating in Vietnam
Expanding Support for Local SMEs

Industrial Bank of Korea (IBK) has launched its Vietnam subsidiary, IBK Vietnam Bank. The bank plans to support Korean companies operating in Vietnam and local small and medium-sized enterprises, while expanding its network around major industrial complexes.

From sixth left, Lee Miyeon, South Korean Ambassador to Vietnam; Pham Quang Trung, Deputy Governor of the State Bank of Vietnam; Jang Minyoung, president of IBK; Kim Kimoon, chairman of the Korea Federation of SMEs; Ko Taeyeon, chairman of the Korean Chamber of Commerce in Vietnam; and, at far right, Park Kyungil, CEO of IBK Vietnam Bank, pose for a commemorative photo at the launch ceremony of IBK Vietnam Bank in Hanoi, Vietnam, on the 3rd. Photo courtesy of IBK.

According to IBK on October 14, it held the launch ceremony for IBK Vietnam Bank in Hanoi on October 13. After receiving final approval from the State Bank of Vietnam (SBV) in April, IBK completed the subsidiary's establishment procedures and began full operations on September 25.

IBK Vietnam Bank is Vietnam's 10th foreign bank subsidiary. IBK said it had launched the bank amid the Vietnamese government's restructuring of the domestic banking sector and strict oversight of licenses for foreign banks. Drawing on its experience operating branches in Hanoi and Ho Chi Minh City, as well as more than 60 years of expertise in policy finance for small and medium-sized enterprises, IBK plans to provide financial services.

Park Gyeongil, the bank's inaugural head, said the launch marked a new starting point for the localization strategy pursued since IBK established its Ho Chi Minh City branch in 2008. "We will put customers first and practice responsible finance by being there for them in difficult times, developing into a trusted local bank that grows alongside Vietnam's economy," he said.

This content was produced with the assistance of AI translation services.