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| Yoon Jong-won, CEO of Industrial Bank of Korea (IBK), sixth from right, and key officials of the Vietnamese central bank pose for a photo, June 27 (local time). Courtesy of IBK |
By Lee Kyung-min
Industrial Bank of Korea (IBK) CEO Yoon Jong-won met officials of key state-run and private financial firms of Vietnam to bolster cooperation for greater financing and business expansion opportunities for small Korean ventures and startups, the state-run lender said Friday.
During a five-day business trip to the Southeast Asian country, Yoon discussed mid-term financial cooperation projects led jointly by Korean firms and Vietnamese state-run agencies, mostly on ways to establish an ecosystem for small businesses to outline stable profit models. Among the top financial and economic policy officials he met was Deputy Governor of the State Bank of Vietnam (SBV) Doan Thai Son.
The IBK plans to open a few more branches in Vietnam, in addition to ones in Hanoi and Ho Chi Minh. New ones will open in industrial complexes and major commercial districts to better accommodate the financing needs of both local businesses and Korean firms there.
Yoon visited Korean firms operating in Vietnam and had conversations about their difficulties and policy assistances they need from the government.
He signed a memorandum of understanding (MOU) with VinaCapital, one of the largest investment management firms in Vietnam, to share knowledge to promote venture capital investment and joint business opportunities.
The IBK said it will continue to support local startups and small ventures to gain a stronger presence in Vietnam in the future and create new business opportunities.
"We will help an increasing number of promising local firms seek growth opportunities in Vietnam," an IBK official said.
