Woori Bank CEO Chung Jinwan to Attend State Banquet for Vietnamese Secretary General

President Lee Jaemyung and Secretary General To Lam Host State Banquet on August 11
Business Leaders and Financial Executives Also Invited

President Lee Jae Myung is reviewing the honor guard together with Secretary General To Lam at the official welcoming ceremony for Secretary General To Lam's state visit to Korea, held on the 11th at the Yongsan Presidential Office building in Seoul. Photo by Yonhap News

Executives from the domestic financial sector, including Woori Bank, will attend the state banquet commemorating the state visit of the Secretary General of the Communist Party of Vietnam. Since opening its first branch in Hanoi, Vietnam in 1997, Woori Bank has established a local subsidiary and has been strengthening its operations in the country.

According to the financial industry on August 11, Woori Bank CEO Chung Jinwan has decided to attend the state banquet for Secretary General To Lam of the Communist Party of Vietnam, which will be held this evening. The event will be attended by a total of 66 people, including President Lee Jaemyung and the First Lady, as well as key figures from the political and business sectors.

From the private sector, major business leaders such as Chey Taewon, Chairman of SK Group and President of the Korea Chamber of Commerce and Industry, Chung Euisun, Chairman of Hyundai Motor Group, Koo Kwangmo, Chairman of LG Group, and Shin Dongbin, Chairman of Lotte Group, will be present.

Leaders from the financial sector will also be in attendance. In addition to CEO Chung, Kang Hodong, Chairman of the National Agricultural Cooperative Federation, and Jung Sanghyuk, CEO of Shinhan Bank, have also confirmed their attendance. KB Kookmin Bank is reportedly coordinating its participation as well.

From the Vietnamese side, 55 delegates will attend, including Secretary General To Lam and Madam Ngo Phuong Ly, Nguyen Duy Ngoc, Chairman of the Central Inspection Commission, Luong Tam Quang, Minister of Public Security, and Phan Van Giang, Minister of National Defense.

Vietnam and other Southeast Asian countries are experiencing rapid growth in the financial industry, making the region one of the key markets for domestic banks. According to the Financial Supervisory Service, 32% (66 out of 204) of overseas branches, subsidiaries, and offices established by domestic banks are located in Southeast Asia. Among these, Vietnam accounts for an overwhelmingly high proportion, with 20 locations.

All four major domestic commercial banks have entered the Vietnamese market. Woori Bank first established a presence in Vietnam by opening a branch in Hanoi in 1997, and set up a local subsidiary in 2017. This local subsidiary was the second to be established, following Shinhan Bank.

In particular, the digital payments market in Southeast Asia is growing rapidly. As a result, major commercial banks are strengthening their digital banking services, such as implementing cross-border QR payment systems.

This year, Woori Bank has enhanced its domestic and overseas wealth management (WM) services by opening a "Two Chairs" center at its Hanoi branch. This move is aimed at strengthening services for high-net-worth individuals and the retail sector in northern Vietnam. As a result of its aggressive expansion in Vietnam, Woori Bank is now recognized as the foreign bank with the largest capital base in the country.

A Woori Bank representative stated, "The Vietnamese market is one of our bank's key overseas markets, and since CEO Chung received an invitation to the banquet, he has decided to attend."