“Before doing business, you must be friends”

Recently, Mr. Luu Trung Thai - Chairman of the Board of Directors of MB - participated in the Vietnam - Korea Business Forum as one of the four main speakers. He gave a speech on the topic "Digital transformation in the financial industry", focusing on three main contents: Economy , Green Economy and Circular Economy .

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Mr. Luu Trung Thai - Chairman of MB Board of Directors speaking at the Vietnam - Korea Business Forum in Seoul

Sharing the perspective of Vietnamese enterprises on investment opportunities of Korean enterprises, the head of MB said that enterprises of the two countries need to find a way to quickly implement cooperation, based on two factors.

The first is trust and cooperation, as the Koreans say, “before doing business, you must be friends.” The second is how to develop the value chain when the trend of production shifting from China to other countries. “We are ready to cooperate and point out partners who can ensure the capabilities from Vietnam,” said Mr. Thai.

In addition, in an interview with the Korea Herald of Korea on July 2 in Seoul, the Chairman of the Board of Directors of MB said that when businesses come to invest in Vietnam and send Korean personnel to live and work in Vietnam, providing care services for Korean personnel in Vietnam will also help them do better business. Therefore, from August 2024, MB will launch the Korean language on the banking application to bring a more convenient experience to the Korean community in Vietnam.

“Vietnamese banks have yet to provide specialized services for Koreans living in Vietnam, forcing them to rely on branches of Korean banks. Realizing the increasing number of Korean citizens and companies entering Vietnam, from August, MB will provide more suitable services for the Korean community by launching a banking application in Korean,” the Chairman of MB’s Board of Directors shared.

The “handshake” between MB and POSCO International

Also at the Vietnam - Korea Business Forum, the Military Commercial Joint Stock Bank (MB) and POSCO International signed a strategic cooperation agreement and participated in an in-depth working session with the Chairman of POSCO Group.

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Representatives of MB and POSCO at the signing event

At the meeting, Mr. Chang In Hwa - CEO of the Group said that POSCO is in the top 5 businesses in Korea in the fields of steel, energy, trade, electric vehicle (EV) battery materials...; POSCO Group's revenue in 2023 reached 59 billion USD. In Vietnam, POSCO has established 4 steel branches, with a total investment of 1.8 billion USD; POSCO wishes to continue expanding cooperation and investment in Vietnam in a number of new fields.

Sharing more about the signing of the strategic cooperation with POSCO, Mr. Luu Trung Thai - Chairman of the Board of Directors of MB affirmed that the cooperation not only shows the ability to conquer the "big guys" of Korea but also continues to open up many opportunities for cooperation, business and investment for MB and other partners of the two countries.

Maximum support for Korean enterprises investing in Vietnam

Previously, sharing with the press about MB's orientation in accompanying and supporting Korean enterprises investing in Vietnam, Mr. Vu Thanh Trung - Vice Chairman of MB's Board of Directors said that providing products and services to maximize the success of FDI enterprises in general and Korean enterprises in Vietnam in particular plays an important role in MB's business policy orientations.

“To bring success to Korean FDI enterprises, especially in Vietnam, MB has built many product and service packages as well as platforms to help enterprises succeed in investing and doing business in Vietnam. On the business side, we are building very strong digital applications/platforms based on the most advanced technologies, helping enterprises when investing in Vietnam to be able to manage their investment activities here well. In-depth reporting and analysis systems are completely available on digital platforms for enterprises,” said Mr. Trung.

In addition, MB also hopes to cooperate with Korean credit institutions to expand the QR code payment system in Vietnam.

“If we connect the MBBank App that is about to be launched for Koreans with Korean banks, Koreans coming to Vietnam will be able to use our QR code system through their banking apps. We are currently looking for partners,” Mr. Trung shared.

Thu Loan