Daegu Bank of the Republic of Korea (RoK) is preparing to open a branch in Ho Chi Minh City after getting the green light from the State Bank of Vietnam (SBV).
The presence of Daegu Bank in HCM City is welcome as a large number of Korean businesses invest in the southern metropolis. (Photo: dgb.co.kr)
Hanoi (VNA) - Daegu Bank of the Republic of Korea (RoK) is preparing toopen a branch in Ho Chi Minh City after getting the green light fromthe State Bank of Vietnam (SBV).
Under a document releasedlate last week, the SBVapproved in principle the establishment of Daegu Bank’s HCM City branch.
The Korean bank isresponsible for completing procedures in accordance with the SBV’s regulationsand instructions to submit to the SBV’s Governor for consideration and decisionon licensing the establishment of the branch, the SBV stated in the document.
The presence of the bank inHCM City is welcomed as a large number of Korean businesses invest in thesouthern metropolis.
Korean investment in Vietnam has expanded over the years with a riseof 37 percent each year, making the RoK the largest foreign investor among the 132 countries andterritories investing in Vietnam, at 80 billion USD by the end of November 2019.
The Korea Tradeand Investment Promotion Agency (KOTRA) forecast the wave of Koreaninvestment in Vietnamis continuing as the Southeast Asian nation is considered a favourableinvestment destination for Korean investors.
KOTRA reported that Koreanfirms have high hopes for Vietnam’s growth potential and highly evaluate the skills anddiligence of workers.
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The presence of Daegu Bank in HCM City is welcome as a large number of Korean businesses invest in the southern metropolis. (Photo: dgb.co.kr) 
