Perfect Localization
This year, Shinhan Bank Vietnam marks its 24th anniversary since its establishment in 1993. The bank has solidified its position as local residents accounted for over 90% of individual customers. Shinhan Bank Vietnam consisting of one corporation and 18 branches is bumping shoulders with local banks through corporate social responsibility (CSR) activities and management with a focus on Vietnamese employees.
According to the Central Bank of Vietnam on August 16, as of June of last year, Shinhan Bank Vietnam posted 222.8 billion won (US$193.7 million) in net worth, placing second among foreign banks operating in Vietnam. Vis-à-vis local banks, Shinhan Bank Vietnam ranks within the top 20 banks among 34 commercial banks in Vietnam.
Last year, Shinhan Bank Vietnam was selected as the 2015 Excellent Vietnam CSR Firm by Korea’s Ministry of Industry, Trade and Resources, Vietnam’s Ministry of Planning and Investment and Korea Trade-Investment Promotion Corporation (KOTRA). This marked the second time that the bank was recognized for its CSR achievements since 2012.
Social contribution initiated in the early stage of the bank focused its theme of education and activities steadily held every year. In principle, all employees have to take part in social contribution activities at least twice a year.
Shinhan Bank Vietnam has carried out social contribution activities by visiting those in need such as giving free meals to those in slums (Happy Meal) and donating bikes (Bike Run). Since 2013, the bank has given job education to low-income youths near Ho Chi Minh City by running the Korea-Vietnam Youth Economic and Technical Education Center. They put aside money by reducing the sizes of the opening ceremonies of branches and endowed scholarships for local students, as well.
In particular, the Bike Run Program that began last year is Shinhan Bank Vietnam’s original and unique CSR activities that take into account poor traffic conditions in Vietnam. Its employees ride new bikes, find children and deliver the bikes to them. In May, bikes were given to about 30 children in partnership with three areas in south of Ho Chi Minh City.
About 980 people calls Shinhan Bank Vietnam their workplaces. Among them, about 40 employees are Koreans and the remaining are Vietnamese. The head of the bank is a Vietnamese woman. Taking into consideration the fact that more than the half of the Korean employees work at the head office of Shinhan Bank Vietnam, only one or two Koreans work at each branch.