A growing number of financial companies of the Republic of Korea (RoK) are showing signs of extended profit in Vietnam after years of a downturn brought on by the COVID-19 pandemic, market watchers have said, elaborating that they include Woori Bank, Hanwha Life and Lotte Card.
The Republic of Korea (RoK)’s Woori Bank inaugurated its new branch in the Mekong Delta city of Can Tho on November 8, increasing the number of its offices in Vietnam to 21 after 26 years of operation in the country.
The State Bank of Vietnam (SBV) has given the go-ahead approving the eligibility of the Republic of Korea’s Woori Bank to establish five branches in Vietnam.
Petrolimex Insurance Corporation (PJICO), a top 5 non-life insurance company in Vietnam, has signed a cooperation agreement with the Republic of Korea’s Woori Bank.
Success of foreign banks in Vietnam has been fueling the volume of capital poured into the sector, while these banks are changing their operations to grow.
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.
Institutions from the Republic of Korea (RoK) have increased their investments in Vietnam’s financial market significantly, expecting to make big gains thanks to the economic growth outlook.
The State Bank of Vietnam has agreed in principle to allow Woori Bank, a subsidiary of the Woori Financial Group from the Republic of Korea (RoK), to establish its wholly-owned unit in the country.
