▲ This undated file photo provided by the Korea Development Bank shows its headquarters in Yeouido, Seoul. (PHOTO NOT FOR SALE) (Yonhap)

KDB-Vietnam subsidiary

KDB wins approval to establish subsidiary in Vietnam

SEOUL, Jan. 20 (Yonhap) -- South Korea's state-run Korea Development Bank (KDB) said Tuesday it has obtained approval from Vietnam's central bank to establish a subsidiary in Hanoi, more than six years after submitting its application in 2019.

It marks the first time since 2021 that the Vietnamese central bank has granted a license for a foreign lender to establish a local subsidiary, KDB said in a press release.

"This approval is a significant milestone demonstrating that KDB has officially entered Vietnam's financial market as a long-term, institutional partner, backed by the Seoul government's full diplomatic support," a KDB official said.

The approval will allow the policy lender to provide financial services to companies operating or investing in Vietnam, as well as project financing for businesses under the supervision of Vietnamese financial authorities, the bank said.

The move is also expected to expand financial and industrial cooperation between South Korea and Vietnam while supporting Korean companies seeking to enter the Southeast Asian market, it added.

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