Deputy Prime Minister Ho Duc Phoc received the Chairman and CEO of IBK Bank.

Photo caption — Deputy Prime Minister Ho Duc Phoc received Mr. Kim Sung Tae, Chairman and CEO of the Industrial Bank of Korea (IBK). Photo: An Dang/VNA

At the reception, Deputy Prime Minister Ho Duc Phoc reviewed the good results in the relationship between the two countries, emphasizing that Vietnam and Korea have become leading partners in all fields, especially economics , investment and trade, which are important pillars and bright spots in the overall relationship between the two countries. Sharing about the country's socio-economic development in recent times and important development orientations in the coming time, the Deputy Prime Minister affirmed that the Vietnamese Government always supports and creates favorable conditions for foreign enterprises, including Korean enterprises, to produce and do business effectively and sustainably...

Expressing his honor to meet Deputy Prime Minister Ho Duc Phoc and congratulating Vietnam on the brilliant results that the country has achieved in economic development in recent times, Chairman and CEO of Industrial Bank of Korea Kim Sung Tae shared about the establishment of IBK's 100% foreign-owned bank in Vietnam; expecting to make important contributions to the economic development of Vietnam in the coming time, especially supporting the development of small and medium enterprises; participating in projects related to infrastructure; financial investment...

Deputy Prime Minister Ho Duc Phoc supported IBK Bank to establish a new legal entity in Vietnam; expressed his impression of Korea's experience in developing small and medium-sized enterprises, including Korean small and medium-sized enterprises that have developed into large corporations with international brands.

The Deputy Prime Minister said that in Vietnam, there are more than 98% of small and medium-sized enterprises out of a total of more than 940,000 enterprises operating in the economy. Currently, Vietnam is implementing solutions to promote the sustainable and effective development of this business sector...

At the meeting, Deputy Prime Minister Ho Duc Phoc and Chairman of IBK discussed the following contents: Credit support for small and medium enterprises; building links between small and medium enterprises with large enterprises and global enterprises; supporting small and medium enterprises to invest in new technology fields...

Mr. Kim Sung Tae also shared experiences on cooperation between the Government and banks in implementing a loan guarantee program for business households according to limits to support business households to recover after the COVID-19 pandemic; support capital for small and medium enterprises to recover after the economic, financial and monetary crisis...

Regarding the processing of IBK's application for a license to establish a 100% foreign-owned bank in Vietnam, the Deputy Prime Minister said: The State Bank of Vietnam is continuing to process the licensing for IBK according to prescribed procedures and order; emphasizing that "in terms of policy, we always support and hope that IBK will continue to reap success and contribute more to the Vietnamese economy".

IBK is a bank established by the Korean Government in 1961, with the State holding 68.5% of shares, with the obligation to provide financial support to small and medium enterprises (SMEs), of which outstanding loans to SMEs currently account for 82% of IBK's total outstanding loans. As of June 2025, IBK has about 14,000 employees, 625 branches in Korea, 60 branches abroad, including 2 branches in Vietnam (in Vietnam, IBK established 2 branches in Hanoi and Ho Chi Minh City). In 2024, IBK's total assets will reach 320 billion USD, recorded net profit equivalent to 1.9 billion USD, with the highest international credit rating in Korea.

Source: https://baotintuc.vn/thoi-su/pho-thu-tuong-ho-duc-phoc-tiep-chu-tich-kiem-tong-giam-doc-dieu-hanh-ngan-hang-ibk-20250923181613170.htm