The Hanoitimes - In the coming time, Shinhand will focus on developing consumer finance in Vietnam, the government portal reported.
Shinhan Card, a subsidiary of South Korea's Shinhan Financial Group, considers Vietnam an important foreign market for future investment, said Lim Young Jin, president and CEO of the company.
Operating in the fields of finance, banking and securities in Vietnam, Shinhan Card has set aside its profit to reinvest in Vietnam, Lim said in a meeting with Vietnam's Deputy Prime Minister Vuong Dinh Hue in Hanoi on October 15.
Deputy Prime Minister Vuong Dinh Hue and President of Shinhan Card Lim Young Jin. Source: VGP.
In the coming time, Shinhand will focus on developing consumer finance in Vietnam, Lim informed.
In early 2018, Shinhan reached an agreement to acquire Prudential Vietnam Finance Company for US$150.8 million.
The deal allows Shinhan Financial Group to expand its consumer finance business in Vietnam, a market that witnesses two-digit growth in recent years and is expected to continue booming in upcoming future, while supporting the Vietnamese government's initiative of promoting non-cash payment in the country.
The deputy PM highly regarded the Shinhan's acquisition of Prudential Vietnam Finance, adding that the State Bank of Vietnam (SBV) will soon respond to the finalization of the transaction.
Hue expected Shinhan to take part in the process of developing an ecosystem for fintech companies in Vietnam through training human resources and applying science & technologies.
Korean Shinhan Financial Group is present in Vietnam with Shinhan Bank. Shinhan Card is the global top-five credit card company. It was established in 1990 as a technical and business company licensed by Shinhan Bank.