At a working session with representatives from the two in Seoul, including KBIZ Chairman Kim Ki-moon and IBK Chairman and CEO Kim Sung-tae, Dung said that the ministry hopes to strengthen cooperation with them to exchange experiences in supporting SMEs.

The minister expressed his impression at the business development policy of the Republic of Korea (RoK) as well as the entrepreneurial spirit and dynamism and willingness to face challenges of Korean businesses.

The two sides discussed issues of concern such as plans to strengthen cooperation between the two countries’ SMEs, and the role of the KBIZ and the IBK in transferring methods and experiences to SMEs.

Dung called on the two to help improve Vietnam's investment environment and policies to Korean businesses and connect SMEs of the two countries for investment cooperation.

Established by the Korean Government in 1961, the IBK provides specialised financial services for SMEs in the RoK.

With 13,700 employees, the bank has 60 branches in 13 countries, including the US, the UK, Poland, India, China, Japan, and Vietnam.

In Vietnam, it opened a branch in Ho Chi Minh City in March 2008 and another Hanoi in November 2013. In July 2017, the bank submitted to the State Bank of Vietnam an application for a license to establish a bank with 100% foreign capital in Vietnam.

Meanwhile, the KBIZ, founded in 1962, is one of the four largest business associations in the RoK with more than 3.5 million members. In Vietnam, it established a representative office in Ho Chi Minh City in January 2016, which was moved to Hanoi in June 2020. To date, the KBIZ has had representative offices only in Vietnam and the US.