BNK Busan Bank, a Korean commercial lender based in the southern port city of Busan, launched a branch in Ho Chi Minh City, Vietnam, on Aug. 18, becoming the first Korean regional bank to operate there, its parent BNK Financial Group said Tuesday.

“Our Vietnam branch means a lot, because it has opened a channel for us to support small and medium-sized Korean companies conducting business in the country,” said Sung Se-whan, the chairman and CEO of BNK Financial, at the opening ceremony.

Some 1,300 Korean companies currently operate in the Vietnamese city, as the Southeast Asian country’s strong economic growth has created demand for infrastructure. Vietnam has a population of about 9 million people, and it is Korea’s third-biggest export market, after China and the U.S.

Busan Bank aims to cater to the financial needs of these Korean businesses and at the same time target the local retail banking market, Sung said. It plans to set up another office in the city of Hanoi early next year.

To strengthen its Vietnam partnership, it has donated some $50,000 to local high schools for the purchase of school supplies and handed out 2,000 goodie bags filled with stationeries, the firm said in a press release.

The Ho Chi Minh branch is Busan Bank’s second overseas branch after the one in Qingdao, China, launched in late 2012.

By Kim Bo-gyung (lisakim425@heraldcorp.com)