Hanoi, On October 13, 2026 – Deputy Governor Pham Quang Dzung of the State Bank of Vietnam (SBV) attended and delivered remarks at the launch ceremony of Industrial Bank of Korea (Vietnam) Limited (IBK Vietnam), officially marking the bank’s entry into the Vietnamese banking market.
Deputy Governor Pham Quang Dzung and other delegates participate in the launch ceremony of IBK Vietnam.
Speaking at the ceremony on behalf of the SBV leadership, Deputy Governor Pham Quang Dzung congratulated Industrial Bank of Korea (IBK) and IBK Vietnam on the bank’s official launch. He noted that, having fulfilled all regulatory requirements for commencing operations, IBK Vietnam had officially begun operations, becoming the tenth wholly foreign-owned bank in Vietnam and the third wholly foreign-owned bank from the Republic of Korea to operate in the country.
Deputy Governor Pham Quang Dzung delivers remarks at the ceremony.
According to the Deputy Governor, this launch marks a new milestone in IBK’s nearly 20-year presence in Vietnam, reflecting the bank’s long-term commitment to the Vietnamese market and its confidence in the country’s economic prospects. As the Vietnam–Republic of Korea Comprehensive Strategic Partnership continues to deepen, the establishment of IBK Vietnam is of practical significance, helping mobilize additional financial resources for production, business activities, and investment cooperation between the two countries.
Emphasizing that IBK Vietnam is a credit institution established and operating in Vietnam, subject to the Law on Credit Institutions and the SBV’s management, inspection, and supervision in the same manner as other commercial banks, Deputy Governor Pham Quang Dzung stressed that operational safety and legal compliance must serve as the foundation of the bank’s business activities. He called on IBK Vietnam to promptly complete and effectively operate its internal control and internal audit systems, strengthen risk management, and fully comply with the applicable prudential limits and ratios.
The bank should also develop a business strategy commensurate with its financial capacity and governance capabilities, ensuring that growth goes hand in hand with credit quality. It should capitalize on its strengths in financing small and medium-sized enterprises (SMEs) and supply chains, enhance credit appraisal, diversify its customer base to mitigate concentration risk, ensure transparency in information disclosure, and protect customers’ legitimate rights and interests.
Overview of the ceremony.
Regarding digital transformation, Deputy Governor Pham Quang Dzung encouraged IBK Vietnam to leverage its parent bank’s technological strengths while ensuring information system security, protecting customer data, and effectively controlling operational risks. He also underscored the importance of developing human resources with a thorough understanding of the Vietnamese market, alongside high professional and ethical standards and a strong culture of compliance.
The Deputy Governor called on IBK to fully honor its commitments to providing financial, technological, governance, management, and operational support to IBK Vietnam, thereby helping ensure the subsidiary’s safe and efficient operations. The SBV will continue to cooperate closely with South Korean Financial Supervisory Service (FSS) in information sharing and consolidated supervision, in accordance with the Basel Committee’s Core Principles for Effective Banking Supervision.
For its part, the SBV will continue to enhance the transparency and stability of the regulatory framework and maintain a level playing field for credit institutions. Deputy Governor Pham Quang Dzung also encouraged IBK Vietnam to proactively report to and consult with the SBV throughout its operations, laying a solid foundation for safe, efficient, and sustainable development and enabling the bank to become a trusted financial bridge between the Vietnamese and Korean business communities.
Mr. Chang Min-young, Chairman and President of IBK, delivers remarks at the ceremony.
Speaking at the ceremony, Mr. Chang Min-young, Chairman and President of IBK, expressed his gratitude for the attention and support extended by the Government of Vietnam, the SBV, and relevant agencies and organizations in both countries throughout the process of bringing IBK Vietnam into operation. He noted that the establishment of IBK Vietnam represented not merely an expansion of IBK’s business network, but also a demonstration of the bank’s long-term commitment to the Vietnamese market and to financial cooperation between Vietnam and the Republic of Korea.