Jeong Jin-wan, the CEO of Woori Bank, Attends State Dinner with Vietnam's Party Secretary

Jeong Jin-wan, the CEO of Woori Bank, will attend a state dinner in Seoul on the evening of the 11th, commemorating the visit of Nguyen Phu Trong, the General Secretary of the Communist Party of Vietnam. The dinner will be attended by 66 distinguished guests from politics and business, including President Lee Jae-myung and his wife, along with many heads of major domestic financial institutions.

In the private sector, business leaders attending include Chey Tae-won, Chairman of SK Group and the Korea Chamber of Commerce and Industry; Chung Eui-sun, Chairman of Hyundai Motor Group; Koo Kwang-mo, Chairman of LG Group; and Shin Dong-bin, Chairman of Lotte Group.

Within the financial sector, Jeong will be accompanied by other notable figures such as Kang Ho-dong, Chairman of the National Agricultural Cooperative Federation, and Jung Sang-hyuk, CEO of Shinhan Bank. It is also reported that KB Kookmin Bank is coordinating on its attendance.

55 Senior Officials from Vietnam Visiting

From the Vietnamese side, the General Secretary Trong will be joined by his wife, Ngo Phuong Lien, Nguyen Duy Ngoc, Chairman of the Central Inspection Commission, Le Quoc Dinh, Minister of Public Security, and Phan Van Giang, Minister of National Defense, among 55 senior officials attending the dinner.

Vietnam is recognized as one of the countries in Southeast Asia with significant growth in the financial sector, making it a key market for domestic banks. According to the Financial Supervisory Service, among the 204 overseas branches, subsidiaries, and offices operated by domestic banks, 32% (66 locations) are located in Southeast Asia, with Vietnam having the largest share at 20 locations.

All four major commercial banks in South Korea have entered the Vietnamese market, with Woori Bank opening its first branch in Hanoi in 1997 and establishing a local subsidiary in 2017, making it the second bank to do so after Shinhan Bank.

Aggressive Strategy in Vietnam… Leading Foreign Capital Investment

Southeast Asia, particularly Vietnam, is experiencing a rapid growth in the digital payment market, leading commercial banks to enhance their digital banking competitiveness, including the introduction of cross-border QR payment systems. As part of strengthening its domestic and international wealth management (WM) services, Woori Bank opened 'Two Chairs' in Hanoi this year, targeting high-net-worth individuals and retail customers in the northern region.

Thanks to this aggressive strategy, Woori Bank has achieved the top position among foreign banks in terms of capital size in the local market. A representative from Woori Bank stated, "Vietnam is a core overseas market for Woori Bank, and CEO Jeong decided to attend the dinner upon receiving the invitation."

Image source: Jeong Jin-wan, CEO of Woori Bank / News1, Photo: Insight, News1