Present in Vietnam in August 2022, KBank Ho Chi Minh City Branch currently has a charter capital of 285 million USD (2.5 times higher than the initial time). Explaining the development orientation in Vietnam, Mr. Pipit Aneaknithi, Chairman of KBank, said that Vietnam's GDP growth rate has been high over the past decade. Vietnam is one of the fastest growing economies in the region.
The emergence of the middle class and the increase in the working-age population are significantly shaping the consumption trends in Vietnam in the long term, according to the Chairman of KBank. KBank wants to expand comprehensive financial services to serve underserved communities, contributing to the balanced growth of the sector.
KBank focuses on the customer segment that does not have a bank account or those who do not have access to common financial services.
Also according to information from KBank, through the KPlus application, after only 1 year, KBank has recorded 760,000 users. This number continues to increase. The bank aims to have 1.3 million users by the end of this year and 8.4 million users by 2027.
According to Mr. Chat Luangarpa, Executive Vice President of KBank, the unit wants to create seamless connections in financial activities for small and medium enterprises (SMEs). Because these are businesses that play a key role in the economic ecosystem. Although more than 97% of businesses in Vietnam are SMEs, in reality, they only account for about 20% of the market share in the credit capital market structure.
Therefore, to help businesses and business households easily access loans through digital platforms without having to go directly to bank branches, KBank plans to expand its loan portfolio in this form to about 40 million USD by the end of the year.
In the long term, KBank's determination to penetrate the Vietnamese market is demonstrated by telling numbers. Specifically, the bank plans to increase its investment from 285 million USD in 2023 to 735 million USD in 2027. Along with that, KBank's staff in Vietnam will increase from 350 employees in 2023 to 1,700 people in 2027.
“We are currently one of the top three largest banks in Thailand. Kbank has 78 years of experience in the financial sector and we want to make a positive contribution to the Vietnamese economy. That is why we are stepping up our investment in Vietnam,” said KBank Executive Vice President.
Vinh Phu
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