Shinhan Bank opens new branch, transaction offices in Vietnam

South Korea’s Shinhan Bank has launched one more branch in Hanoi and two more transaction offices in Ho Chi Minh City, increasing the total number of its units in Vietnam to 46.

Opening the new branch and transaction offices will help it maintain the largest sales network in Vietnam among all foreign banks operating in the country, said Shinhan Bank Vietnam CEO Kang GewWon.

The bank will strive to offer better services in the market, he said, adding that it was seeking to diversify its digital banking services.

The two new HCMC transaction offices are located in Tan Phu and Go Vap districts; in densely-populated areas where several housing projects are being built. The new Hanoi branch is located in the downtown district of Hai Ba Trung.

Shinhan Bank Vietnam had in mid May issued two-year bonds worth VND2,800 billion ($121 million) for institutional investors in Vietnam with a coupon rate of 4%. This was the South Korean creditor’s first bond issue in the country.

Shinhan Bank is one of nine wholly foreign-owned locally incorporated banks in Vietnam. The others are ANZ, Hong Leong, Standard Chartered, HSBC, Public Bank, CIMB, Woori Bank and UOB.

A major segment of Shinhan customers is made up of Korean companies investing in Vietnam. South Korea is one of Vietnam’s top investors.

In 2017, the Korean bank acquired ANZ Vietnam's retail banking business. It is now one of the foreign banks with the strongest retail business in the country.