Standing Commissioner Lee Hyung Ju of the Financial Services Commission traveled to Hanoi, Vietnam from September 25 to 26 to attend the Korea-Vietnam Financial Cooperation Forum, meet with senior officials from the State Bank of Vietnam and the State Securities Commission, and have a meeting with officials from local branches of Korean financial companies operating in Vietnam.
Vietnam is Korea’s third largest trade partner and it hosts the second largest number of Korean financial companies following the U.S. FSC Standing Commissioner’s visit this time was aimed at promoting domestic financial companies and policy financial institutions’ business expansion in Vietnam.
Korea-Vietnam Financial Cooperation Forum
On September 25, FSC Standing Commissioner Lee Hyung Ju attended the Korea-Vietnam Financial Cooperation Forum held in Hanoi under the theme of sustainable finance and capital market development. The forum was jointly sponsored by the FSC and Vietnam’s State Bank of Vietnam and State Securities Commission. The forum was organized into two parts—(a) “Towards a Sustainable Future: Enhancing Korea-Vietnam Financial Synergies” and (b) “Capital Market Development and Transition Finance.”
In the opening of the first part, Standing Commissioner Lee delivered congratulatory remarks where he introduced various climate finance strategies being pursued by the Korean government, such as the guidelines on K-taxonomy, green bonds and green finance, and ESG disclosure standards. Speaking on the mutually beneficial relationship that has been maintained between Korea and Vietnam since the establishment of diplomatic ties in 1992, Standing Commissioner Lee said that he expects this forum to help build a more future-oriented financial partnership between the two countries.
In the second part, Standing Commissioner Lee delivered opening remarks where he introduced Korea’s recent capital market reform initiatives and key elements of Corporate Value-up Program. To make sure that growth momentum continues in Korea and Vietnam, Standing Commissioner Lee said that it is important to make concerted efforts to foster a well-balanced system of financial markets where companies have options to raise funds through capital market according to their needs alongside the option of getting loans from banks.
Meeting with Vietnamese Financial Authorities
On September 25, Standing Commissioner Lee met with Deputy Governor Pham Quang Dzung of the State Bank of Vietnam and held talks on various issues regarding banking supervision and ways to enhance sharing of policy experience and bilateral cooperation. Standing Commissioner Lee said that he hopes to have more financial companies being able to operate and enter into each other’s market to promote shared growth.
On September 26, Standing Commissioner Lee met with Chairwoman Vu Thi Chan Phuong of the State Securities Commission of Vietnam and held talks on ways to alleviate operating difficulties of Korean financial companies doing business in Vietnam. Standing Commissioner Lee expressed his appreciation for Chairwoman Phuong’s efforts in helping to ease the difficulties faced by Korean companies and said that he hopes to continue to see rapid development of Vietnam’s capital market through strong cooperation with Korea’s capital market sector.
Meeting with Korean Financial Companies Operating in Vietnam
On September 26, Standing Commissioner Lee met with officials from eight local branches of Korean financial companies operating in Vietnam and held talks on local market situations, individual business management status, and their needs and challenges. By strengthening cooperation with the Vietnamese financial authorities, Standing commissioner Lee said that the government will actively support Korean financial companies’ overseas business expansion.
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