Shinhan Vietnam Bank Opens 3 Additional Branches

Simultaneous Opening of 3 Stores in Ho Chi Minh and Hanoi Regions Secures a Total of 41 Channels

At the simultaneous opening ceremony of three Shinhan Vietnam Bank branches held on the 15th in Ho Chi Minh City, Vietnam, (from the left in the photo) Shin Dong-min, Head of Shinhan Vietnam Bank, Kim Jong-gak, President of the Ho Chi Minh Korean Association, Kim Won-tae, Financial Consul of the Consulate General in Ho Chi Minh City, Le Thi Dong, Branch Manager of Shinhan Vietnam Bank Thu Thiem Branch, Nguyen Hoang Thue, Vice President of Dai Quang Minh Company, Kim Heung-soo, President of the Korean Business Association, and Choi Bun-do, Director of the Korean International School in Ho Chi Minh City, are posing for a commemorative photo.

[Asia Economy Reporter Jo Gang-wook] Shinhan Bank's local subsidiary in Vietnam, Shinhan Vietnam Bank, announced on the 16th that it has opened three additional branches: District 9 Branch and Thu Thiem Branch in Ho Chi Minh City, and Starlake Branch in Hanoi.

The eastern area of Ho Chi Minh City, where District 9 Branch and Thu Thiem Branch are located, has been designated as an innovation city since 2017 and has been under development. It is scheduled to be promoted to Thu Duc City next year. Accordingly, the high-tech industrial complex in District 9 is planned to be developed as a hub for advanced technology research, and the Thu Thiem area will be developed as a financial center. Additionally, the Starlake Branch is located in the Bac Tu Liem area, where the Starlake New City is emerging as a key residential area in Hanoi.

Shinhan Vietnam Bank has opened five branches this year alone, resulting in a total of 41 channels, the largest number among foreign banks, with 24 branches in southern Vietnam centered on Ho Chi Minh City, 16 branches in northern Vietnam centered on Hanoi, and one branch in central Vietnam centered on Da Nang City. Notably, as the first Korean bank, it has opened branches in Vietnam's five major cities (Hanoi, Ho Chi Minh, Hai Phong, Da Nang, Can Tho), establishing a nationwide network covering the entire country.

A Shinhan Bank official said, "With the active support of the Embassy of Korea in Vietnam, the Consulate General, the Financial Services Commission, and the Financial Supervisory Service, we successfully completed the establishment of five branches this year," and added, "Shinhan Vietnam Bank plans to expand 4 to 5 additional channels annually to build a channel base that can compete on equal footing with local banks, beyond being the number one foreign bank."

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