Foreign Customer Service
Shinhan Bank Vietnam announced on July 6 that it has opened a Thai Nguyen branch in Thai Nguyen, which is emerging as a new manufacturing center in Vietnam, as its 13th channel.
It is the third branch opened this year after Shinhan Bank Vietnam received approval to open four branches at the same time from the local financial authorities in 2014, the first time a foreign bank has done so. Also, the bank is planning to open an additional branch in Pham Hung in August, securing a total of 14 business networks in Vietnam.
With the opening, Shinhan Bank Vietnam has closed the gap with HSBC, which possesses the greatest number of channels among foreign banks, with the slim margin of two. Also, the bank had a slight difference with HSBC with a margin of US$1 million (1.13 billion won) in terms of profit and loss in 2014, becoming a leading foreign bank in the country.
Thai Nguyen is a province located in the north of Hanoi and a strategic position bordering China. In the past, the province was the center of tea industry in the country. However, it is currently growing into the center of the manufacturing industry by attracting foreign direct investment of US$3.4 billion (3.83 trillion won) in 2013 and US$3.3 billion (3.71 trillion won) in 2014, which were the greatest amounts in Vietnam for two consecutive years.
Producing tangible results by diversifying its business models including retail loans and credit cards, Shinhan Bank Vietnam ranked second in terms of loan and net income among corporate foreign banks in Vietnam in 2014. Also, the bank is showing a remarkable achievement in the risk management sector, which is one of its strengths, with a loan default rate of 0.9 percent.