South Korean Woori Bank will set up a branch in Vietnam as part of its plan to expand in Southeast Asia. The largest bank in terms of consolidated assets in South Korea, it is awaiting approval from State Bank of Vietnam to established a wholly-owned unit in the country. South Korea is now the biggest foreign investor in Vietnam, with large investments placed to turn it into a Southeast Asian production hub by Samsung Electronics Co and LG Electronics. Other major Korean companies in Vietnam include Kumho Construction, Posco group, Hanjin Logistics and Kumho Tire. The Vietnam unit, once licensed, would most likely be a vehicle to expand South Korean investment in a country where it has been limited to operating two branches.
