HDBank sets up Korea Desk for corporate clients

HO CHI MINH CITY, VIETNAM - Media OutReach - 26 June 2023 - To mark the visit to Vietnam by Korean President Yoon Suk Yeol and a delegation comprising executives from 200 large companies, the Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) has set up the Korea Desk to providing specialised banking products, services and advisory support to Korean corporate customers.

After more than 30 years of diplomatic relations, designation first as a "Strategic Cooperation Partner" in 2009 and then an upgrade to a "Comprehensive Strategic Partner" last December 2022, South Korea has become one of Vietnam's top partners, ranking first in investment, second in ODA and third in trade.

Korean investors have over 9,500 active projects with a total registered capital of nearly US$82 billion in Vietnam.

Some 9,000 Korean businesses have invested in the country, with many prominent names playing an important role in the expansion and promotion of global supply chains.

Trade between the two countries increased by 175 times from 1992 to US$87.7 billion last year.

The visit by Yoon and the business delegation will create new momentum and promises new breakthroughs in trade and investment cooperation between the two countries.

Amid this, HDBank announced the launch of the "Korea Desk" to provide international standard banking products and services and dedicated advisory support for Korean corporate customers operating or planning to operate in Vietnam.

It currently serves and/or provides financing to over 80 Korean corporate customers, making significant contributions to their export efforts and participation in global supply chains.

At HDBank's Korea Desk, Korean corporate customers will be provided with a full range of banking products and services, including account services, liquidity management, business financing, project investment, import-export financing, e-banking services, financial and investment advisory, tax, and labour-related services.

The Korea Desk will contribute to strengthening trade and investment cooperation of Korean enterprises in Vietnam and promoting trade and investment between the two countries.

Kim Byoungho, chairman of HDBank, said: "The visit by the South Korean President to Vietnam is an opportune time for HDBank to launch the Korea Desk.

"Through this, HDBank aims to support Korean enterprises operating in Vietnam with more favorable conditions and support Vietnamese businesses in promoting their business with potential partners from South Korea."

HDBank is expediting plans to open a representative office in the Korean capital Seoul by completing necessary procedures in both countries, he said.

Once it opens, it would serve as a direct bridge for HDBank in South Korea, and further expand opportunities for trade and investment cooperation between businesses in the two countries, he said.

Since 2014 HDBank has been successfully operating the Japan Desk for Japanese corporate customers.

With the expansion of this specialized model through the Korea Desk, and plans for establishment of a representative office in South Korea, HDBank continues to take proactive steps in its internationalisation strategy and global integration.

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