Deputy PM welcomes KB Financial Group’s investment expansion

Deputy Prime Minister Vuong Dinh Hue received the Chairman and CEO of the Republic of Korea’s Kookmin (KB) Financial Group, Yoon Jong-kyoo, in Hanoi on September 7.

Deputy Prime Minister Vuong Dinh Hue (R) meets with Chairman and CEO of the KB Financial Group Yoon Jong-kyoo on September 7 (Photo: VNA)
Deputy Prime Minister Vuong Dinh Hue (R) meets with Chairman and CEO of the KB Financial Group Yoon Jong-kyoo on September 7 (Photo: VNA)

KB is a major RoK group with more than 1,130 domestic branches and four overseas branches, serving over 30 million clients. The KB executive thanked the Government of Vietnam for supporting his firm to operate effectively, affirming that the Vietnamese market still holds great development potential and that KB wants to expand its cooperation in the financial-banking sector.

With the help of local agencies, the KB group purchased the Maritime securities company and renamed it KB Securities Vietnam JSC. Aside from the Kookmin Bank branch in Ho Chi Minh City, it is also finalising procedures for opening another branch in Hanoi. KB will spend more than US$110 millionto expand its activities in the country in the near future, he noted.

For his part, Deputy PM Hue said that the Ho Chi Minh City branch of the Kookmin Bank has operated effectively and has practically contributed to the economic ties between Vietnam and the RoK, as well as the development of the local financial-banking sector. There is still great potential for the bank’s business in Vietnam, he said, voicing his belief that the KB group would develop more strongly, thus benefiting both sides.

Deputy PM Hue added that the Vietnamese Government always supports and creates optimal conditions for both domestic and foreign investors, including those from the RoK. He noted that the Government also pays attention to increasing the scale of the financial market, particularly in the context of the Fourth Industrial Revolution. In the future, it will push ahead with the equitisation of and divestment from State-owned enterprises, while considering the issuance of certain derivative products in the stock market. It also plans to review and restructure credit companies and non-bank financial and credit institutions.

Welcoming the KB group’s expansion of investment in the financial-banking sector, the Deputy PM said Prime Minister Nguyen Xuan Phuc recently gave the green light to the State Bank of Vietnam to license the Kookmin Bank’s opening of the Hanoi branch.

The Deputy PM also appreciated the Korean group’s activities to support low-income families and poor children, and promote the teaching of the Korean language in the country.