Shinhan Bank Vietnam: Diversified and Attractive Credit Packages for Businesses

With over three decades of dedicated development, Shinhan Bank Vietnam has solidified its standing as a preeminent foreign bank in the Vietnamese market. Boasting an extensive business network comprising 51 branches and transaction offices, it holds the most extensive business coverage among foreign banks operating in the region. Shinhan Bank delivers an array of superior financial products and solutions tailored for both individual and corporate clientele, encompassing notably appealing "green credit" packages.

Shinhan Bank acts as a lead bank to arrange and manage the green syndicated loan for BAF Company's Giai Xuan High-Tech Farm Project

Diversified preferential products and services tailored for businesses

In its pursuit of becoming a truly local bank in the eyes of Vietnamese customers, Shinhan Bank has strategically embraced localization since its inception in Vietnam. This commitment has yielded substantial success, establishing the bank not only in the market but also fostering trust among individual and corporate clientele.

Presently recognized as one of the premier foreign banks in the Vietnamese financial landscape, Shinhan Bank distinguishes itself with preferential lending interest rates for home loans, car loans, and consumer loans. These crafted loan packages are designed to align with the financial needs and payment capacities of Vietnamese customers, providing optimal support on their path to achieving financial objectives.

In addition to consumer-centric products and services, Shinhan Bank extends compelling incentive programs catering to corporate customers. Specifically designed to aid small and medium-sized enterprises (SMEs) in their recovery and business development endeavors, the bank introduces new products featuring favorable interest rates such as loans for working capital supplementation and loans for business investments.

Noteworthy is the recent initiative by Shinhan Bank Vietnam, commencing December 1, 2023, wherein the bank has further reduced short-term interest rates by up to 0.3% per annum for VND loans and 1.2% per annum for USD loans, benefiting both new and existing qualified corporate customers. This marks the ninth instance in 2023 that Shinhan has revised and lowered lending rates, demonstrating a proactive approach to supporting businesses in obtaining crucial loans to enhance their year-end performance.

Furthermore, in 2023, Shinhan Bank introduced a pioneering comprehensive fee incentive account product package, encompassing exemptions and reductions in money transfer fees and electronic banking charges. This innovative offering serves as an exceptionally attractive solution for companies, enabling them to streamline operating costs and optimize overall profitability.

Shinhan Bank receives the "Fastest Growing Corporate Bank in Vietnam Award 2023" from Global Banking and Finance Review, acknowledging its robust growth in corporate business

Shinhan Bank's "Green Credit" initiative

In response to the pressing demand for sustainable development in the contemporary economy, the adoption of "green credit" has transitioned from a mere trend to an imperative requirement. Recognizing the gravity of this paradigm shift, numerous banks are proactively mobilizing green capital to support businesses aligned with environmentally conscious principles.

Positioned firmly within this progressive trajectory, Shinhan Financial Group, with a heightened awareness of the financial system's responsibility toward sustainable social development, embarked on a sustainable development strategy as early as 2005. In 2008, Shinhan Bank in South Korea formally joined the United Nations Global Compact and UNEP FI, signaling its commitment to integrating environmental principles in accordance with international standards and social responsibility. Consequently, the global Shinhan banking system, including Shinhan Vietnam, swiftly acknowledged the pivotal role of establishing an effective green credit mechanism in Vietnam.

With an unwavering commitment to "sustainable green growth" in credit provision and a collaborative effort to align with the government-directed goal of achieving a 10% green credit share in the economy by the end of 2025, Shinhan Bank has proactively set aside capital and instituted a preferential interest rate mechanism, fixed at a modest 6.8% per annum for corporate customers seeking medium and long-term funding for projects in twelve specified green sectors.

A notable milestone occurred in 2023 when Shinhan Bank assumed the lead role in arranging and managing a syndicated loan with major financial institutions from South Korea and Taiwan. The bank officially inked a green syndicated credit loan facility agreement, amounting to VND500 billion, in support of BAF Agriculture Joint Stock Company. This funding facilitated the construction of a state-of-the-art 3F Giai Xuan modern pig farm cluster in Nghe An province. This initiative not only underscores Shinhan Bank's commitment to sustainability but also exemplifies its steadfast support for a greener environment in Vietnam over the past three decades.

Source: Vietnam Business Forum