Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
IBK chief focuses on financing SMEs in Vietnam
Industrial Bank of Korea (IBK) Chairman and CEO Yoon Jong-won, left, shakes hands with Vietnamese Ambassador to Korea Nguyen Vu Tung during their meeting at the Vietnamese Embasssy in Seoul, June 22. The meeting took place before Yoon left for a five-day business trip to Vietnam on Sunday. Courtesy of IBK
By Yi Whan-woo
By Yi Whan-woo
Industrial Bank of Korea (IBK) Chairman and CEO Yoon Jong-won is on a five-day business trip to Vietnam through Thursday, to bolster cooperation between the two countries on financing for small and medium-sized enterprises (SMEs), the lender said Monday.
It said Yoon departed for Vietnam, Sunday, to check the state-run bank's support policy for Korean companies operating there and also to consult Vietnamese authorities on expanding such support.
“IBK's role can be said to be more crucial in Vietnam than in other countries,” the bank said in a press release.
It was referring to the bank's commitment to corporate financing, especially in regard to SMEs, under its vision to become “the best-performing SME financing bank in all of Asia.”
Since 2016, Vietnam has outpaced China to become Korea's top overseas business destination. In particular, 84 percent of the Korean companies in Vietnam are SMEs.
IBK currently runs two offices in Hanoi and Ho Chi Minh City. It has sought to elevate the offices into a corporate entity and is awaiting the Vietnamese central bank's approval.
Accordingly, Yoon will meet relevant Vietnamese central bank officials and visit the prime minister's office for approval to be made promptly.
“Chairman Yoon will explain that a corporate entity can help IBK better cope with the growing demand of Korean businesses for financing,” the lender said.
It added that IBK's experience in financing SMEs as well as a possible Korea-Vietnam projects to speed up their green transition will be discussed during Yoon's trip.
Prior to his departure, Yoon met with Vietnamese Ambassador to Korea Nguyen Vu Tung and Korean Ambassador to Vietnam Park Noh-wan who was temporarily in Seoul.