Officials of Woori Bank cut the tape to celebrate the launch of a new branch in Vietnam in this 2021 file photo. Photo courtesy of Woori Bank

Korea’s top lender nets more than $50 million in profit last year

Woori Bank, one of the leading South Korean lenders, announced on Jan. 27 that the financial corporation had chalked up record bottom lines in Vietnam last year.

The Seoul-based more than doubled its net profit by racking up $50 million in 2022 from a year before.

The performances drew attention as it came amid the virus pandemic, which weighed on businesses across the board.

Woori Bank took advantage of the situation as it increased the amount of non-face-to-face businesses in the Southeast Asian country.

For example, its 2022 non-face-to-face loans jumped more than five folds compared to the previous year.

In addition, it also put forth efforts to accelerate its businesses with corporate customers.

Woori Bank tapped into Vietnam in 1997 by opening a branch in Hanoi. In 2006, it also launched an affiliate in Ho Chi Minh City.

In 2017, it founded a legal entity and expanded its presence by building new branches in bustling cities.

“We have attracted young customers through non-face-to-face businesses in Vietnam,” a Woori Bank official said.

“By collaborating with tech companies in Vietnam, we will continue to come up with innovative services in order to make our presence felt in the country.”



Hillary Lee studied literature in Seoul. Lee has big interests on various topics including IT, BT, business and finance. Lee can be reached at homin30@hanmail.net or 82-2-6956-6698.