Hana Bank in Vietnam
Hana Bank received preliminary authorization to establish a branch in Ho Chi Min City from the State Bank of Vietnam on Nov. 20 after a seven years of trying to enter the Vietnamese market.
Hana Bank had tried to change the Ho Chi Min office into a branch since its opening in November 2007, but it has had difficulty due to the Vietnam government’s restructuring of the banking industry, which started in 2011.
The Hanoi Branch of Korea Exchange Bank (KEB), which is going to be consolidated with Hana Bank, has been actively operating since its opening in 1999 in Hanoi, the capital of Vietnam.
Koreans residing in Vietnam reached 100,000, and about 3,400 Korean companies are present in Vietnam, which employs around 800,000 local workers. Korea is the second largest investor in Vietnam amid continuously-increasing investments by Korean companies.
An official from the bank said, “The Ho Chi Min branch of Hana Bank, which is expected to be set up in the first quarter of next year, is an example of successful strategies for entering overseas markets, and it will create a considerable synergy effect with the KEB Hanoi branch.”