S.Korea Kookmin injects US$100 million in Vietnam branches
Kookmin Bank’s decision to raise its branches’ registered capital in just a short period of time indicates the bank is optimistic about business prospects in Vietnam.
The State Bank of Vietnam (SBV) – Ho Chi Minh Branch has allowed Kookmin Bank – Ho Chi Minh Branch to raise its registered capital from US$70 million to US$100 million, raising the total amount the South Korean bank pumped into its two branches in Vietnam to nearly US$100 million.
|South Korea-based Kookmin Bank pumped nearly US$100 million into its two branches in Vietnam.|
Previously, the SBV, the country’s central bank, had approved of Kookmin Bank – Hanoi Branch increasing its registered capital from US$35 million to US$100 million after one year of operation.
Kookmin Bank’s decision to raise its branches’ registered capital in just a short period of time indicates the bank’s optimism about business prospects in Vietnam.
Among foreign banks currently operating in Vietnam, South Korean banks have been actively expanding investment and operations, due to growing investment capital from South Korean firms to Vietnam.
In the first four months of 2020, South Korea took the first spot with regard to the number of investment projects in Vietnam with 265, followed by China with 135 and Japan with 116.
In early 2020, the Korea Chamber of Business in Vietnam (KorCham) requested the SBV to issue licenses for more South Korean banks to operate in Vietnam.
According to Korcham, a steady provision of capital from South Korean lenders is necessary for South Korean investors to invest in the country.
At a national online dialogue between Prime Minister Nguyen Xuan Phuc and the business community on May 9, Korcham Vice President Hong Sun said that South Korean enterprises held high regards for Vietnam’s efforts in improving the business environment.
Hong Sun said the Kocham is committed to encouraging high quality FDI inflows from South Korea to Vietnam.
“South Korean and Vietnamese firms would foster a stronger bond in establishing new supply chains amid the Covid-19 pandemic,” stated Hong Sun, adding South Korean firms would join Vietnam in its economic recovery efforts.
- Gov’t extends excise tax payment deadline for domestic cars
- The Vietnam-US comprehensive partnership facilitates investment activities: PM
- Vietnam's securities accounts surpass 5-million mark
- Finance ministry proposes extending tax payments worth US$870 million for domestic cars
- Foreign capital returns to Vietnam's stock market in 2022: SSI
- Vietnam’s easing monetary policy unlikely to reverse amid Fed’s rate hike
- Shinhan Financial to acquire 10% stake in Vietnamese e-commerce Tiki
- Banks cut lending rates to support businesses
- Gov’t aims at transparent, sustainable stock market
- KEB Hana Bank committed to long-term presence in Vietnam
SEA Games 31 closing ceremony: the warmest and dearest farewell from Vietnam
High inflationary pressure put GDP 6.5% growth target at risk: Gov’t
Where to go and what to do in Hanoi for locals and tourists?
“Vietnamese runners are my second family”: Timor Lester athlete at SEA Games 31
Hanoi wants to build second int’l airport in Thuong Tin
Hanoi handicrafts attract international SEA Games 31 guests
Exhibitions mark President Ho Chi Minh’s 132nd birthday anniversary
The Vietnam-US comprehensive partnership facilitates investment activities: PM
FPT opens new office in New York, 10th in US