South Korea’s top lenders are stepping up their push into Vietnam, with the chiefs of the country’s five major commercial banks joining President Lee Jae Myung on a state visit this week.
According to industry sources Tuesday, KB Kookmin Bank’s Lee Hwan-ju, Shinhan Bank’s Jung Sang-hyuk, Hana Bank’s Lee Ho-sung, Woori Bank’s Jung Jin-wan and NH NongHyup Bank’s Kang Tae-young will travel to Vietnam from Wednesday to Friday.
The coordinated move underscores Seoul’s broader push to deepen ties with one of Southeast Asia’s fastest-growing economies, particularly in sectors such as semiconductors and nuclear energy. Around 200 business leaders will accompany Lee on his visit, among them executives from Samsung Electronics, SK hynix and Hyundai Motor Group.
Vietnam is already a core overseas market for Korean lenders, which have expanded across banking, brokerage and insurance. According to data from the Financial Supervisory Service, Vietnam was the second-largest market for Korean financial firms after the US as of September, with roughly 20 bank branches and offices in operation.
Among the five lenders, Shinhan Bank has the largest footprint, with 55 outlets under Shinhan Bank Vietnam. It is widely seen as the leading foreign player in retail banking and posted net profit of 259 billion won in 2025, accounting for nearly half of its total overseas earnings.
Woori Bank has also been gaining traction. Since launching Woori Bank Vietnam in 2017, it has expanded to 18 branches and 10 service offices. The unit reported net profit of $50.4 million last year, up 12 percent on-year.
KB Kookmin Bank and Hana Bank each operate two branches in Ho Chi Minh City and Hanoi. Hana also holds a 15 percent stake in the Bank for Investment and Development of Vietnam, the country’s largest state-run lender by assets. Earnings from the stake helped lift Hana’s Vietnam profit nearly 30 percent from the previous year to 189 billion won.
NH NongHyup Bank runs a single branch in Hanoi and is seeking approval for a second in Ho Chi Minh City, a plan long delayed by regulatory hurdles. High-level diplomatic engagement has helped resolve similar bottlenecks in the past, and the visit could provide fresh momentum.
Financial Services Commission Chairman Lee Eog-weon is also set to visit Vietnam, where he is expected to meet counterparts at the central bank and Finance Ministry.
By Choi Ji-won (jwc@heraldcorp.com)
