South Korean IT company Will-Be Solution Inc. is expanding its business in Vietnam with its high technology and market specialization, company officials said this week.
The company already won a database management project with the State Bank of Vietnam last year, beating out key competitors including international IT giants such as IBM, Oracle and SAP among others, the company said.
The project includes developing the bank’s central data infrastructure as well as managing and building the financial institution’s data warehouse, according to Will-Be Solution, which specializes in providing software solutions to its clients.
Will-Be Solution CEO Yum Jang-pil
The case is serving as a successful model for other small- and medium-sized Korean IT firms seeking to expand beyond the saturated domestic SW solutions market and compete against larger international companies that provide similar services to clients.
Will-Be Solution reportedly had been continually working toward exporting its services amid the general recession in the domestic market over the past few years. The company targeted the Vietnamese market and concentrated its investment efforts there over the past two years.
The Korean firm believes it was able to secure the project in Vietnam given the “years of experience and expertise built while working on diverse projects with Korean financial institutions” as well as “trust from the Vietnamese authorities.”
In addition to the recent project, Will-Be Solution is seeking to take on three more projects with the State bank of Vietnam, with the goal of eventually establishing a step-by-step business partnership with the bank.
The company also has plans to expand its services to other Asian countries including Thailand and Indonesia.
By Sohn Ji-young (jys@heraldcorp.com)