Korea Development Bank (KDB) said on the 20th that it has obtained final approval to establish a branch in Hanoi, Vietnam. It comes about six and a half years after it applied for approval to establish the branch in July 2019.
The bank obtained final approval, the last step in the process for establishing a foreign bank branch, from the Vietnam Central Bank on the 14th. It is the first case of approval issued to a foreign bank since 2021, and with this approval, the bank will be able to conduct operations and financial services under the supervision of Vietnam's financial authorities.
Through the Hanoi branch, the bank will offer financial services that leverage its strengths as a policy finance institution, including corporate finance, investment banking, and project financing (PF). It also plans to expand the practical foundation for financial and industrial cooperation between Korea and Vietnam.
A Korea Development Bank (KDB) official said, "This final approval is a decisive milestone that means KDB has officially entered the Vietnamese financial market as a long-term, institutional partner," adding, "Through the Hanoi branch, we will stably support the overseas expansion of domestic corporations and contribute as a responsible financial partner to Vietnam's economic development."