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| Jaewon Hwang, head of Citi Commercial Bank Korea |
How does Vietnam fit into Citi's broader commercial banking strategy in Asia?
I recently visited Vietnam to meet our clients and team on the ground, and to see firsthand the opportunities in this fast-growing market. As the head of Citi Commercial Bank in Korea, a big part of my job is helping Korean businesses expand internationally, and Vietnam is a key destination for many of them.
Vietnam is one of the most dynamic economies in the region, and my visit was about reinforcing Citi's commitment to supporting trade and investment flows across Asia. I had some very productive discussions about how we can further tailor our loans, cash management, trade finance, and foreign exchange solutions to the needs of Citi Vietnam's clients in general and Korean clients in particular.
Overall, the trip reaffirmed that Vietnam is an important part of our Asia strategy, especially as we connect Korean clients with opportunities in ASEAN.
How significant is the Korea-Vietnam business corridor for Citi's clients? In what ways does Citi facilitate trade and investment between the two countries, especially for medium-sized corporations?
The Korea-Vietnam corridor is extremely significant, it's the busiest in Asia. South Korea is currently Vietnam's largest foreign investor, with around 10,000 Korean businesses operating in Vietnam and over $90 billion in cumulative investment, according to the Korea Chamber of Business in Vietnam.
These companies have created about 900,000 jobs locally. On the trade side, bilateral trade reached roughly $82 billion last year, and it's still growing.
Many medium-sized Korean firms are following the big chaebols like Samsung and LG to Vietnam, whether to manufacture goods or to tap into Vietnam's growing consumer market. Likewise, Vietnamese companies are increasingly engaging with Korean businesses for technology and investment.
Citi's role is to act as a bridge. We leverage our global network and expertise to help our Korean clients to do business across borders more easily.
How is Citi specifically supporting Korean medium-sized companies as they expand and invest in Vietnam?
Supporting Korean enterprises in Vietnam has been one of our biggest success stories in recent years. Many of these companies are suppliers, manufacturers, or service providers that follow larger Korean conglomerates to Vietnam, but they still need global-level financial support to operate smoothly. That's where Citi comes in.
Through our Native Korea Desk and local banking experts in Vietnam, we have relationship managers who understand both Korean business culture and the Vietnamese regulatory and banking landscape.
This ensures that when a Korean medium-sized corporate sets up operations here, we can handle everything from account opening, local payroll, and liquidity management, to trade and FX solutions without language or procedural barriers.
We also offer cross-border financing structures that allow Korean companies to leverage their credit relationships with Citi Korea, helping them access capital more efficiently. In addition, Citi supports them with digital platforms for cash management, FX, and trade services, enabling real-time cash visibility across multiple countries.
What is your vision for Citi's commercial banking arm in Asia, particularly in strengthening the Korea-Vietnam corridor?
I see the Korea-Vietnam corridor becoming even more dynamic. Trade and investment between the two countries are on an upward trajectory; the two governments are working towards $100 billion in annual trade soon and aiming for $150 billion by 2030.
That's a huge volume, and it signals that more companies will be engaged in cross-border business.
Citi's vision is to be right there in the middle of it, acting as a catalyst for these flows. We will continue to expand our services and presence wherever our clients go. This means investing in our people, upgrading our digital platforms, and staying at the forefront of new financial solutions.
Supporting medium-sized companies operating in Vietnam is at the core of what Citi Commercial Bank does. We're also very proud that these efforts are being recognised. FinanceAsia recently named Citi the Best Commercial Bank for SMEs for 2025 in Vietnam. This award reflects our commitment to serving the small- and medium-sized enterprise segment with excellence.
We're not just a bank providing financial products, we provide strategic support, connecting Korean businesses to Vietnam's growth story and ensuring they have the right tools to thrive in this exciting market.
