Shinhan Financial expands partnership with Vietnam's Vingroup
Shinhan Financial Group Chairman Jin Ok-dong, left, shakes hands with Vingroup Vice Chairman Nguyen Quoc Tuan at Shinhan Bank Vietnam headquarters in Ho Chi Minh City, Thursday. Courtesy of Shinhan Financial Group
Shinhan Financial Group is expanding its partnership with Vietnam’s Vingroup beyond motor vehicle finance into capital markets, it said Sunday.
Shinhan Financial Chairman Jin Ok-dong met with Vingroup executives Thursday at Shinhan Bank Vietnam’s headquarters in Ho Chi Minh City to discuss new areas of cooperation.
Vingroup, the Southeast Asian country’s largest private company by market capitalization, has interests ranging from real estate to electric vehicles. Shinhan’s relationship with the group has so far centered on vehicle finance, particularly for VinFast, its electric vehicle (EV) unit.
Since 2024, Shinhan Bank Vietnam has provided a cumulative $100 million in loans to VinFast customers. Shinhan Vietnam Finance financed around 14,000 VinFast motorcycles in the first half of this year, with total financing reaching 15 billion won ($10.9 million).
The two parties now plan to explore capital market opportunities, including equity and bond financing through Shinhan Securities Vietnam. Shinhan Bank Vietnam and Shinhan Vietnam Finance will also expand their vehicle finance businesses as demand for VinFast EVs grows.
Shinhan Financial is also helping Vingroup tap Korea’s capital markets. Shinhan Securities Vietnam has been appointed sole arranger for Vingroup’s first Arirang bond, a won-denominated bond issued by a foreign company in Korea, and is gauging demand from domestic institutional investors ahead of a planned fourth-quarter issuance.
Shinhan Securities will serve as a joint lead manager for the offering and plans to invest 40 billion won directly.
“We will build on our experience working with Vingroup to expand our partnership into capital markets and other areas, creating new business opportunities,” Jin said.