Woori Bank to start legal, accounting advisory for firms entering Vietnam

South Korea's Woori Bank on Monday announced the opening of its comprehensive advisory service line for foreign direct investment (FDI) designed for companies seeking to enter Vietnam.

The bank signed a deal with the Seoul-based law firm Jipyong and multinational accounting giant Ernest and Young to help companies enter the Vietnamese market through comprehensive and systematic solutions like investment counseling for Vietnam, legal, accounting, administrative and tax advice, foreign exchange reporting and onsite financial support.

Since launching its Ho Chi Minh City office in 2007, Jipyong has expanded its Vietnamese operations to opening a Hanoi branch and provides advice and legal consulting to domestic and foreign companies entering Vietnam.

Ernst and Young Vietnam is the Southeast Asian nation's first foreign accounting firm to provide tax and accounting services to multinational corporations.

In its first five years, Woori Bank Vietnam enjoyed rapid growth with operating profit of $100 million and net profit of $50 million. The locally incorporated company plans to further boost customer satisfaction through preferential financial services for FDI companies, including expansion of affiliates.

Write to Sang-Yong Park at yourpencil@hankyung.com