I believe that those of you living in Korea are familiar with Korea's NH Nonghyup Bank. In particular, friends who frequently purchase vegetables are likely to be familiar with NH Nonghyup Bank or Hanaro Mart. NH Nonghyup Bank is very popular not only with those who use it for savings purposes, but also with those who purchase agricultural products from mainland Korea.
Just by its name, NH Nonghyup Bank appears to be closely related to Korea's agricultural economic activities. However, I think there are many foreign friends who do not know exactly what the correlation is. So this time, I would like to introduce in detail about NH Nonghyup Bank and the agricultural economy in Korea.
Introduction to NH Nonghyup Bank
NH Nonghyup Bank is a comprehensive bank in Korea that creates happy finance for both farmers and customers. NH Nonghyup Bank has the following characteristics.
Source: NH Bank - Nonghyup Internet Banking (nonghyup.com)
NH Nonghyup Bank is a subsidiary of the National Nonghyup Bank and was established on January 1, 2023. NH Nonghyup Bank is an affiliate of Nonghyup Financial Group and serves as the core financial institution of Nonghyup Financial Group.
NH Nonghyup Bank provides a variety of financial products and services for the development of farmers and rural areas. NH Nonghyup Bank supports farmers' income increase and asset management, and contributes to rural industrialization and revitalization of the local economy.
NH Nonghyup Bank provides financial services through various channels such as internet banking, smart banking, phone banking, and ATM for customer convenience. NH Nonghyup Bank provides a variety of information and benefits, such as non-face-to-face fund subscription, mote activities, fundraising activities, and news.
Source: NH Nonghyup Bank (nhbank.com)
NH Nonghyup Bank is fulfilling its social responsibilities, practicing ethical management, strengthening financial consumer protection, promoting ESG, and enhancing its image through promotional activities.
NH Nonghyup Bank is striving to become a leading national bank that creates happy finance for both farmers and customers.
NH Nonghyup Bank and Korea’s agricultural economy
NH Nonghyup Bank is a comprehensive bank in Korea that provides a variety of financial products and services for the development of farmers and rural areas. NH Nonghyup Bank supports farmers' income increase and asset management, and contributes to rural industrialization and revitalization of the local economy.
Korea's agricultural economy was a major industry until the 1960s, but later industrialization and industrialization policies led to a decline in the agricultural population and the proportion of the agricultural sector. As of 2020, Korea's agricultural population is 4.9% of the total population, and the agricultural sector's share of GDP is 1.9%.
Source: Research report - Korea Rural Economic Institute (krei.re.kr)
Korean agriculture faces difficulties such as small farmland and labor shortage, gap between farm household income and rural living environment, agricultural disasters, and climate change. Accordingly, industrialization and smartization of agriculture, innovation in agricultural technology, stabilization of agricultural management, and improvement of rural vitality are necessary.
Korean agriculture must also adapt to changes in the global agricultural market and the expansion of FTAs. As of 2020, Korea's exports of agricultural and livestock products are KRW 8.2 trillion, and imports are KRW 32.5 trillion. The deficit in exports and imports of agricultural and livestock products amounted to 24.3 trillion won, more than twice that of 2010.
