Global innovator of the year
Shinhan Financial Group
Shinhan Financial Group has reinforced its standing as Vietnam’s top foreign financial institution, posting rapid gains in assets and profitability even as competition intensifies among global banking heavyweights.
Shinhan’s local subsidiary, Shinhan Vietnam Bank, continues to expand its presence across both northern and southern regions, outperforming major rivals such as HSBC, ANZ and Standard Chartered in retail banking, corporate lending and foreign exchange services.
Its financial ascent has been especially striking. Net profit jumped from 120.6 billion won ($82 million) in 2020 to 264 billion won in 2024 — a 219 percent surge in just four years — positioning Shinhan as one of the fastest-growing foreign banks in the Vietnamese market.
Shinhan first entered Vietnam in 1992 with a representative office, later establishing a full local subsidiary in 2009. The turning point came in 2017 with the acquisition of ANZ Bank’s retail division, elevating Shinhan to the No. 1 spot among foreign banks. Today, the lender operates 54 branches in economic hubs such as Ho Chi Minh City, Hanoi, Da Nang and Hai Phong, anchoring its nationwide network.
A core driver of Shinhan’s success is its aggressive digital strategy. Its mobile banking app, SOL Vietnam, launched in 2018, has become a leading digital finance platform thanks to partnerships with Zalo — Vietnam’s largest messaging platform — and MoMo, the country’s top e-wallet. These collaborations have helped the bank secure over 2 million customers and provide fully digital account opening, lending and credit card services.
At the same time, Shinhan is deepening its local engagement through corporate social responsibility initiatives. The bank co-hosted an ESG Financial Cooperation Forum with Korea’s Financial Services Commission and the State Bank of Vietnam, strengthening cross-border partnerships and aligning with growing regional interest in sustainable finance.
Looking ahead, Shinhan Vietnam Bank plans to expand its SOHO (Small Office/Home Office) business, targeting microentrepreneurs and home-based enterprises, while introducing tailored products for corporate and private wealth management clients. Its broader objective is to become the “main bank” for both Vietnamese customers and Korean companies operating in the market.
“To navigate greater market volatility in 2025, we will refine our asset and liability management systems to maintain an optimal portfolio aligned with shifting conditions,” a Shinhan official said. “We also plan to broaden financial support solutions through coordinated efforts with domestic policy institutions, backing Korean firms in their overseas expansion.”
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