IBK, a South Korean bank, has received a license to operate as a 100% foreign-owned bank in Vietnam. This information was shared by Deputy Governor Nguyen Ngoc Canh during a meeting with Chang Min Young, Chairman and CEO of IBK, on 22/4.

This makes IBK the 4th South Korean bank to receive an operating license in the country. Deputy Governor Canh also highlighted that South Korea currently has the most financial institutions and banks operating in Vietnam.

As of the end of 3/2026, there are 9 100% foreign-owned banks operating in Vietnam. These include three South Korean banks: Shinhan Vietnam, Woori Vietnam, and UOB Vietnam. The most recent bank to be licensed before IBK was UOB Vietnam in 2017.

Deputy Governor Nguyen Ngoc Canh discusses with Chang Min Young, Chairman and CEO of IBK. *Photo: SBV*

According to the State Bank of Vietnam leadership, Vietnam recognizes the small and medium-sized enterprise (SME) sector as a key driver of the economy. This sector plays a significant role in fostering growth, creating jobs, and ensuring social welfare. The capital demand for SMEs is substantial, especially in the current development phase of the economy.

The Deputy Governor expects that IBK, with over 60 years of experience, will provide comprehensive financial services to South Korean businesses in Vietnam. Additionally, it is anticipated to support domestic small and medium-sized enterprises.

Chang Min Young stated that IBK was founded with the primary goal of supporting small and medium-sized enterprises. Approximately 75% of its loan portfolio is concentrated in this sector. The IBK leadership believes that its extensive experience in developing and operating financial mechanisms for SMEs will be highly beneficial for its cooperation activities in Vietnam.

Established in 1961, IBK is majority-owned by the South Korean government, which holds 68.5% of its capital. As of the end of 2025, IBK's total assets reached USD 385 billion, with annual pre-tax profit nearing USD 2.8 billion. The bank currently operates two branches in the Vietnamese market.

Quynh Trang