Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
Hana Bank expands infrastructure financing, digital payment businesses in Vietnam
From left, Hana Bank CEO Lee Ho-seoung, Korea Overseas Infrastructure & Urban Development Corporation CEO Kim Bok-hwan and Le Ngoc Lam, CEO of Joint Stock Commercial Bank for Investment and Development of Vietnam, pose during a memorandum of understanding signing ceremony in Hanoi, Thursday. Courtesy of Hana Bank
By Lee Hyo-jin
Hana Bank said Sunday it signed a memorandum of understanding (MOU) with the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) to expand infrastructure cooperation in Vietnam.
The agreement was signed Thursday in Hanoi during the Korea-Vietnam Business Forum, with participation from Korea Overseas Infrastructure & Urban Development Corporation. The three parties agreed to explore joint projects across infrastructure, energy, urban development and green sectors.
BIDV is a state-run lender and one of Vietnam's largest banks.
The partnership aims to identify investment opportunities and support Korean companies expanding into Vietnam and other overseas markets, according to Hana officials.
The three institutions plan to strengthen cooperation through expanded networks and joint initiatives in the coming years.
Separately, on the same day, Hana Bank and its subsidiary Global Loyalty Network (GLN) launched a QR payment service in partnership with National Payment Corporation of Vietnam and BIDV, allowing Korean visitors to make payments in Vietnam using domestic banking and fintech apps, without the need for currency exchange or local app downloads.
The service, approved by the State Bank of Vietnam, designates Hana Bank as the sole settlement bank among Korean financial institutions. GLN will operate the system by linking directly to Vietnam's national QR payment network.
The bank said the service will be available at major tourist destinations, including Da Nang, Phu Quoc, Nha Trang and Ho Chi Minh City, and can be accessed through apps such as Hana Bank, Hana Card and Toss.
A promotional event for QR payments will offer 5 percent cashback at Lotte Mart and Kingkong Mart through May 31.
"These initiatives will create tangible value by combining Vietnam's growth potential with Hana Bank's global financial capabilities," Hana Bank CEO Lee Ho-seoung said. "We will continue to enhance our global payment network while providing convenient and reliable financial services through a strategy combining infrastructure financing and digital payments."