Korea Development Bank Obtains Final Approval to Establish Hanoi Branch

State Bank of Vietnam Issues License to Foreign Bank for First Time in Five Years
Korea Development Bank Achieves Milestone After Six Years
"Entry as a Long-Term Partner in Vietnam"

Korea Development Bank announced on January 20 that it had obtained final approval for the establishment of its Hanoi branch, the last step in the process of setting up a foreign bank branch, from the State Bank of Vietnam on January 14 (local time).

Seoul Yeouido Korea Development Bank Headquarters building. Korea Development Bank

The bank received the final approval nearly six and a half years after applying for branch establishment approval in July 2019.

This is the first time in five years since 2021 that the State Bank of Vietnam has issued a license to a foreign bank.

With this final approval, Korea Development Bank is now able to conduct business and financial operations under the supervision of Vietnamese financial authorities.

The bank attributed this achievement to the Korean government's comprehensive diplomatic support-including two bilateral summits, a prime ministerial meeting, and high-level discussions with financial and diplomatic authorities-as well as Korea Development Bank's persistent efforts.

Korea Development Bank explained that it had earned the comprehensive and final trust of the Vietnamese authorities in areas such as financial soundness, international financial operations capabilities, internal controls and risk management systems, and mid- to long-term management stability.

Through the Hanoi branch, Korea Development Bank plans to offer financial services leveraging its strengths as a policy financial institution, such as corporate finance, investment finance, and project financing (PF), and to expand the practical foundation for financial and industrial cooperation between the two countries.

A representative of Korea Development Bank stated, "This final approval is a decisive milestone that goes beyond simply opening a branch; it signifies our official entry as a long-term, institutional partner in the Vietnamese financial market. Through the Hanoi branch, we will provide stable support for Korean companies expanding overseas and contribute to Vietnam's economic development."