S-Tec System, a South Korean security services provider, announced Monday that it has signed a memorandum of understanding with Vietnam's Military Commercial Joint Stock Bank.
The company aims to capitalize on the Vietnamese bank's network, which includes over 300 branches and 1,000 unattended locations throughout Vietnam.
The agreement was signed Friday at S-Tec's headquarters in Seoul, with S-Tec System CEO Lee Byung-hwa and Chairman Luu Trung Thai of the Military Bank in attendance.
"We are considering the adoption of S-Tec System's security solutions in approximately 20 of our Vietnamese locations. This move not only promises better security but also has the potential to contribute to local employment," Chairman Luu was quoted as saying during the meeting. "The integrated security, maintenance and hygiene services offered by S-Tec System are particularly notable in the Vietnamese context, where such functions are typically handled by separate entities."
The Military Commercial Joint Stock Bank primarily finances Vietnam's military enterprises and holds over 50 percent of its shares state-owned. It ranks as Vietnam's fourth largest bank, with 25 million customers and assets totaling $35 trillion.
S-Tec System is also expecting to expand its partnerships through S-Tec Vina, its joint venture in Vietnam, which focuses on fire protection and disaster prevention.