At the “Shinhan Global X-Change 2025” event themed “Vietnam Stargate,” which kicked off on September 18, South Korean fintech startups are strategically entering the Vietnamese market. Their goal is to establish Vietnam as a dynamic startup hub and a gateway to the broader Southeast Asian region.
Mr. Vo Minh Tuan, Director of the State Bank of Vietnam, Branch 2, shared insights at the event on the afternoon of September 18.
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During the event, Mr. Vo Minh Tuan, Director of the State Bank of Vietnam, Branch 2, highlighted that the program fosters collaboration and innovation in fintech between South Korean and Vietnamese businesses. Over the years, Vietnam’s banking sector has grown steadily, playing a crucial role in macroeconomic stability. Ho Chi Minh City and the Southern region remain vibrant economic and financial centers, serving as key hubs for international partnerships.
The banking system in this region is diverse, encompassing all credit cooperative types permitted to operate in Vietnam. Ho Chi Minh City is a strategic and dynamic focal point for both domestic banks and foreign financial institutions.
Within Branch 2’s jurisdiction, which includes Ho Chi Minh City and Dong Nai, 10 South Korean banks are operating effectively, contributing significantly to regional development. Vietnam has emerged as a dynamic market for digital banking, fintech, and consumer finance. This program not only connects the startup ecosystems of both nations but also enables Vietnamese businesses to learn from global expertise, access advanced technology, and tap into international capital. These efforts support the sustainable growth of Vietnam’s banking, finance, and technology sectors.
“As the regulatory authority for banking, Branch 2 of the State Bank of Vietnam values and encourages international cooperation initiatives. We will continue to support the city’s banking community in implementing monetary policies and banking operations, fostering innovation mechanisms, and driving digital transformation. We remain committed to ensuring safe, sustainable banking practices and providing effective support to businesses. Today’s event will unlock substantial collaboration opportunities, contributing to the growth of Vietnam’s financial innovation ecosystem and the region.” – Mr. Tuan remarked.
Discussing future directions, Mr. Koh Seogheon, Deputy General Director and Strategy Director of Shinhan Financial Group, noted that since its 2015 launch, Shinhan Future’s Lab has nurtured 516 companies, investing over 100 billion won to support the startup ecosystem.
Since 2016, Shinhan Future’s Lab Vietnam has mentored over 60 startups, creating successful collaboration models with Shinhan entities in Vietnam. This year, the Shinhan Global Accelerating program, in partnership with South Korea’s Fintech Support Center, aims to help more South Korean enterprises succeed in Vietnam.
Thanks to stable financial policies and strong support from the State Bank of Vietnam, Shinhan entities have thrived. We aim to contribute not only to the financial ecosystem but also to Vietnam’s startup community.
This year marks the 10th anniversary of the Vietnam-Korea Free Trade Agreement (VKFTA). With its robust economic growth and vibrant startup scene, Vietnam is a key market offering new opportunities for South Korean startups. Starting with today’s event, Shinhan Group will facilitate partnerships between fintech firms, startups, investors, local businesses, and diverse stakeholders, enhancing economic ties between the two nations.
Vietnam: A High-Potential Fintech Market
Mr. Kim Dong Hwan, Director of Digital Financial Policy at South Korea’s Financial Services Commission, emphasized that both South Korea and Vietnam boast globally competitive fintech sectors, driven by consumer demand for innovation. This collaboration will propel both nations’ financial industries on the international stage.
Last year, the program facilitated two strategic cooperation agreements, enabling South Korean fintech companies to enter Vietnam. Today, two additional memorandums of understanding (MOUs) were signed.
This year, the South Korean government is focusing on global fintech scale-up policies, making private sector alignment crucial.
With its young population and high digital adoption rates, Vietnam is an ideal market for fintech growth. Both nations’ fintech sectors prioritize innovation and rapid adaptation to consumer needs, proving their global competitiveness.
We hope businesses, financial institutions, and governments from both countries will create global success stories. The presence of South Korean giants like Samsung and LG, along with major financial institutions in Vietnam, provides a strong foundation for expanded cooperation.
Mr. Hwan also expressed hope that fintech companies, financial organizations, and regulators from both nations will continue collaborating to lead the global fintech industry with internationally recognized achievements.
– 13:20 19/09/2025
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