Korea Overseas Infrastructure & Urban Development Corporation (KIND, President Kim Bok-hwan) announced that it has signed a trilateral Memorandum of Understanding (MOU) with the Bank for Investment and Development of Vietnam (BIDV) and Hana Bank to strengthen cooperation in infrastructure projects in Vietnam and overseas.
The agreement was signed at the Korea–Vietnam Business Forum held on the 23rd during the Korean President’s state visit to Vietnam. It was pursued to establish a cooperative relationship with BIDV—Vietnam’s largest bank by total assets and one of the country’s four major state-owned commercial banks—and to create a collaborative framework linking project development and financing. In particular, strong synergy is expected among the three institutions, as Hana Bank is a strategic investor holding approximately 14% of BIDV’s shares.
Under the agreement, the three parties agreed to build a strategic partnership in the fields of infrastructure, energy, urban development, and green sectors, while jointly identifying investment opportunities to promote the participation of Korean companies. Through this partnership, Korean firms are expected to expand their presence in Vietnam through various forms of participation, including investment, EPC, operation and maintenance (O&M), and equipment supply.
More specifically, BIDV will identify promising project opportunities in Vietnam and introduce them to KIND, while proposing competitive financing terms for relevant projects. Hana Bank will provide financial products and services for projects promoted by KIND, as well as support project structuring and fundraising. KIND will take the lead in sourcing and developing projects in Vietnam and serve as a platform connecting Korean companies with local partners in cooperation with BIDV and Hana Bank. In addition, the three institutions plan to expand the foundation for public-private cooperation through various events and collaborative networks.
KIND President Kim Bok-hwan stated, “This MOU is highly meaningful as a cooperative model bringing together Vietnam’s leading state-owned bank, a Korean financial institution, and a public institution specializing in project development.” He added, “It will play an important role in identifying high-quality projects for Korean companies and establishing a competitive financing base.” He further noted, “We will continue to expand strategic cooperation across Asia, including Vietnam.”