MB signs cooperation deal with Khanh Hoa province to support digital transformation, infrastructure investment

Military Commercial Joint Stock Bank (MB) has signed a memorandum of understanding with Khanh Hoa to cooperate on financing infrastructure projects, supporting digital transformation, and promoting investment as the central Vietnam province seeks to accelerate economic development through 2030.

The agreement establishes a long-term framework for cooperation in mobilizing financial resources, facilitating investment, and supporting priority sectors including transport infrastructure, logistics, tourism, urban development and digital services.

The signing ceremony was attended by Nguyen Viet Hung, deputy Party chief of Khanh Hoa and Chairman of the provincial People's Committee; Luu Trung Thai, chairman of MB, representatives of the State Bank of Vietnam's regional branch and local government officials.

Khanh Hoa is implementing a provincial development strategy that aims to transform the south-central coastal province into a centrally-governed city before 2030 and a major marine economic center, according to its provincial master plan for 2021-2030 with a vision to 2050.

The plan prioritizes investment in strategic infrastructure, digital infrastructure, data centers, artificial intelligence, marine technology, renewable energy, logistics and high-value services to strengthen the province's attractiveness to domestic and foreign investors.

Provincial authorities said access to financing from banks and private investors would play a key role in achieving those objectives.

Speaking at the ceremony, Nguyen Viet Hung, deputy Party chief of Khanh Hoa and Chairman of the provincial People's Committee, said MB's financial capacity, technology platform and digital ecosystem could support the province in arranging financing, attracting investment and implementing infrastructure and digital transformation projects.

MB chairman Luu Trung Thai said the bank viewed its role as extending beyond financial services to supporting the government's and local authorities' long-term economic development objectives.

Under the agreement, the two sides will exchange information on investment priorities, cooperate in investment, trade and tourism promotion activities, and study digital transformation initiatives, including cashless payments, digital banking and financial services for government agencies, businesses and residents.

The partnership also includes cooperation in connecting domestic and international financial institutions and technology companies with local investment opportunities, as well as implementing financial education and community development programs.

MB said it would study financing solutions for transport infrastructure, industrial parks, logistics, energy, urban development and tourism projects, while leveraging its network to introduce strategic domestic and international investors to opportunities in Khanh Hoa.

Established nearly 32 years ago, MB is one of the leading financial groups in Vietnam. It reported consolidated assets of more than VND1,600 trillion ($60.84 billion) at the end of 2025 and said it serves about 38 million customers through its financial services ecosystem.

MB is also the first joint-stock commercial bank to surpass the VND1,000-trillion ($38.02 billion) mark in both credit volume and mobilized capital, continuing to maintain its pioneering position in digital transformation as it strives to become a leading digital enterprise and a leading financial group.

The bank has operated in Khanh Hoa for nearly two decades through 11 branches and transaction offices.