NH NongHyup Bank, Vietnam’s Agribank sign MOU on digital agricultural finance

NH NongHyup Bank said Thursday it signed a memorandum of understanding with Vietnam’s Agribank in Hanoi on a “strategic partnership for digital agricultural finance.”

Agribank is Vietnam’s top agricultural commercial bank. NH NongHyup Bank said the agreement deepens existing cooperation in areas including digital finance and investment. The MOU calls for cooperation on building an integrated farming and finance platform, launching a card-based overseas remittance service, developing card products tied to K-content, and working together on Agribank’s privatization.

NH NongHyup Bank said it will support Agribank’s agricultural finance platform using its experience with the NH All One Bank platform. It also cited NH Oneul Nongsa, an agriculture-focused platform launched by the National Agricultural Cooperative Federation in 2021, which offers rural labor matching, real-time local food sales and settlement inquiries, and real-time wholesale crop price checks.

The two banks, which the lender described as leading agricultural finance institutions in South Korea and Vietnam, have expanded cooperation in areas such as staff exchanges since signing their first MOU in 2013.

“This has strong symbolic meaning as cooperation between the leading agricultural finance institutions representing our two countries,” Kang said. “We will expand overseas the agricultural and digital finance achievements built in Korea and, through cooperation with Agribank, strengthen our global competitiveness by contributing to the development of agriculture and rural communities.”