Shinhan Bank has officially marked 30 years in Vietnam and is proud to be a “trusted financial partner” for millions of Vietnamese customers, the bank said.
The 30-year journey of Shinhan Bank in Vietnam has been marked by memorable milestones and breakthrough transformations to build the bank's current image.
The South Korean bank established its first representative office in Ho Chi Minh City in August 1993, not long after Vietnam and Korea officially established diplomatic relations. In December 1994, Shinhan Bank was formally approved by the State Bank of Vietnam (SBV) to open its Ho Chi Minh City branch, becoming the first Korean bank to establish a branch in Vietnam.
Shinhan Bank was licensed to become one of five banks with 100% foreign capital in 2008-2009. In 2011, the bank merged with Shinhan Vina Bank in 2011 to form Shinhan Bank Vietnam, the foreign bank with the largest charter capital at the time.
2017 is considered a new turning point for Shinhan Bank, when it successfully acquired the retail banking sector of ANZ Bank Vietnam to help it expand its retail sector and offer more balance in terms of product structures between the retail and corporate sectors. Thereby, the bank has made more new breakthroughs in the journey of developing and affirming its position in Vietnam’s market.
Conquering market with “localization” strategy
During its 30 years in Vietnam, Shinhan Bank has always promoted sharing prosperity, bringing greater values to customers and society through the search for new ways and methods to provide products and services that help customers manage their finances and cope with changes in the business environment.
With the desire of “Becoming a true local bank for Vietnamese customers”, Shinhan Bank decided to focus on its “localization” strategy from the moment it entered Vietnam’s market and has achieved certain successes while gradually affirming a solid position not only in the market, but also in the trust of millions of customers.
Simultaneously, it owns a large operation network with 51 branches and transaction offices nationwide, which is the largest network in terms of coverage among foreign banks in Vietnam”.
Not only a “trusted financial partner”, the bank is also a bridge connecting Korean enterprises to invest in Vietnam’s market by developing special products and services for Korean FDI customers, attracting FDI capital resources into Vietnam in order to contribute to Vietnam’s socioeconomic development, as well as promote diplomatic relation between the two countries.
Participating in digitalization race
"The constant support and technology transfer from Shinhan Bank in Korea is a strength for us to participate in the digitalization race, which has been strongly developed in Vietnam. For example, Shinhan SOL Vienam Mobile Application and our digital products and services have met customers' high expectations for convenience and safety in the field of digital technology," the bank said in a release.
The digital transformation efforts of Shinhan Bank over the years have been highly appreciated by domestic and international organizations signified by prestigious awards, such as “Best Foreign Digital Bank Vietnam 2023” granted by International Business Magazine; and The Merit for excellent achievements in digital transformation of Banking Industry granted by the SBV at the 2023 Banking Digital Transformation event.
Shinhan Bank has also collaborated with fintech partners, reputable e-commerce in the Vietnamese market, and leveraged the “One Shinhan” spirit from Shinhan Financial Group in Vietnam including Shinhan Finance, Shinhan Life, Shinhan Securities, and Shinhan DS in order to build a comprehensive digital financial ecosystem.
A better world through finance
The commitment of a sustainable bond between Shinhan Bank and Vietnam not only demonstrates an effective business performance, but also through meaningful activities with high humanity value over the years like Bike Run, Tree Planting, Happy Meal, and so on. Up to now, the total expenses for CSR activities have reached nearly VND79 billion.
Recently, Shinhan Bank initiated the “Shinhan 30 Years Online Marathon” for the community, partners and customers of Shinhan Financial Group in Vietnam, as well as for our employees on the occasion of celebrating 30 years in Vietnam. The amount corresponding to each registration and the number of km in this competition will contribute VND380 million to the “Cap la yeu thuong” program and to renovate a school in Du Tien commune, Yen Minh district, Ha Giang province, with meals and school supplies just before the start of the new school year.
Sharing this special milestone of Shinhan Bank in Vietnam, Kang Gewwon, general director, stated: "Shinhan Bank's 30-year journey in Vietnam is a significant and meaningful tribute to customers who have always trusted and supported us, devoted employees who are committed to the bank's long-term development, and the Vietnamese community who have always encouraged and recognized us.
"This trust and confidence over the last 30 years has enabled Shinhan Bank to take the first steps toward establishing a solid foundation today. As Shinhan Financial Group's mission is to bring "A better world through Finance", we are committed to always putting the needs of our customers first and we hope to contribute to Vietnam’s efforts to develop a sustainable economy."