Since Mirae Asset Securities became the first RoK firm to enter Vietnam in 2007, other players, including Korea Investment & Securities, Shinhan Securities and KB Securities, have established subsidiaries or branches in Ho Chi Minh City and Hanoi.

The expansion shows efforts to secure new growth drivers as the RoK’s domestic retail market becomes increasingly saturated.

At the same time, asset management companies from the RoK have accelerated their entry into Vietnam. Korea Investment Management opened its first asset management office in 2006 and converted it into a subsidiary in 2020. Other firms, including KB Asset Management, Mirae Asset Global Investments and Kiwoom Investment Asset Management, have also established a presence.

A common strategy is to channel capital from domestic institutions and high-net-worth clients through indirect investment products such as funds and exchange-traded funds (ETFs), in line with Vietnam’s ongoing expansion in household wealth.

Among foreign securities firms, the Vietnamese subsidiary of Mirae Asset Securities currently holds the largest market share, at 2.93% as of the third quarter of last year.

The firm has recently appointed a Vietnamese chief executive, a move intended to strengthen market responsiveness while expanding its retail operations, high-quality corporate bond business and green finance activities.

In asset management, Korea Investment Management is preparing to launch additional bond, IPO and ETF products, including products that combine gold and digital assets, in response to emerging investment trends and pilot initiatives under consideration by the Vietnamese government.

Vietnamese, Korean firms seek to enhance connectivity in new context

The Business Association of Vietnamese in Korea (BAVIK) has hosted a networking event to connect members and expand its activities, bringing together representatives of ministries and BAVIK members, as well as banks, associations, businesses, and entrepreneurs of the Republic of Korea (RoK).