Shinhan Bank announced on April 27 that it signed business agreements with major local financial and industrial institutions by participating in a Korean economic delegation to Vietnam organized by the Korean government from April 22 to 24.
Shinhan Bank participated in this economic delegation to strengthen the foundation for financial cooperation in the Vietnamese market and systematically respond to the financial needs of Korean companies in Vietnam and Vietnamese companies.
Shinhan Bank was the first Korean financial institution to break into Vietnam in 1993.
Shinhan Bank President Jung Sang-hyuk met with Nguyen Ngoc Canh, deputy governor of the State Bank of Vietnam (SBV), and discussed cooperation on financial support to expand Korean companies’ entry into Vietnam as well as ways to share know-how in the digital and ESG fields.
President Jung also met with Lê Quang Vinh, president of Vietcombank, a state-run commercial bank in Vietnam, and inked a business agreement to support market entry and business expansion for Korean and Vietnamese companies.
Through this agreement, the two companies agreed to pursue financial support, retail financial cooperation, collaboration in foreign exchange and capital markets, and cooperation in digital transformation and new financial services.
Shinhan Bank will support Korean companies’ entry into Vietnam and the expansion of their local businesses while strengthening the foundation for cooperation in corporate finance and infrastructure finance in Vietnam.
In addition, Shinhan Bank signed a business agreement with FPT Group, a leading Vietnamese ICT company, to cooperate on supporting market entry by startups from both countries, exchanges in advanced technology fields, innovation in digital ecosystems based on artificial intelligence (AI) and big data, and the expansion of partnerships in the digital finance sector.
Shinhan Bank plans to act as a private-sector bridge to help promising startups achieve global growth by linking with Shinhan Futures Lab, Shinhan Financial Group’s startup incubation platform.
Moreover, Shinhan signed a business agreement with Agribank, one of Vietnam’s four major state-owned banks, covering key areas such as financial support for market entry by Korean and Vietnamese companies, the establishment of cross-border financial solutions and strategic cooperation on digital transformation and environmental, social, and governance (ESG) sectors.
Through this, Shinhan Bank will expand customized financial services for customers moving between the two countries such as Vietnamese workers and students in Korea and to share ESG management know-how.
“Vietnam is an important market symbolizing Shinhan Bank’s global growth,” Shinhan Bank President Jung said.
“In line with the Korean government’s economic diplomacy stance, we will create exemplary cases of productive finance that support Korean companies’ global competitiveness and continue a true financial partnership where both Korean and Vietnamese companies prosper together with local communities.”
Partnering with Korea University to Support Innovative Startups
Shinhan Bank announced on April 29 that it signed a business agreement for a strategic partnership to support the growth of innovation-powered technology startups with Korea University Technology Holdings on April 29.
Through this agreement, Shinhan Bank will provide opportunities for innovative technology startups supported by Korea University Technology Holdings to participate in various programs.
These include the Shinhan Futures Lab and Shinhan Square Bridge Acceleration Programs, investment review and linkage opportunities through Shinhan Venture Investment, customized consulting on management issues and open innovation collaboration.
Korea University Technology Holdings will identify and recommend subsidiaries and technology startups suitable for Shinhan Bank’s startup incubation programs.
It will select outstanding companies among those participating in the Tech Incubator Program for Startups (TIPS) and review the possibility of linking them to the Scale-up TIPS.
“We expect this agreement to contribute to the substantial growth of innovative startups by combining Shinhan Bank’s financial capabilities and Korea University’s non-financial capabilities,” a Shinhan Bank official stated.
“We will expand productive finance to enable technologically advanced innovative companies to steadily grow.”
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