The agreement is the first of its kind to be signed between Vietnam’s central bank and a foreign partner, said Governor Le Minh Hung.
He added that it is a significant step in perfecting the legal framework for the comprehensive cooperation between the State Bank of Vietnam and Korea’s financial and banking regulators.
Governor Le Minh Hung stated that the Republic of Korea has one of the strongest presences of credit institutions in Vietnam with two wholly foreign-owned banks, seven branches, six representative offices and two financial lease companies.
He praised the Korean banks as dynamic and well-performing investors that have made notable contributions to Vietnam’s economic growth and the Vietnam-Korea cooperative relationship.
In addition to the dynamism of their financial institutions, the two countries’ regulators are also promoting comprehensive cooperation, with several memorandums of understanding having been signed.
At the forum on financial cooperation, the two sides discussed the financial-banking realities in each country, the future of the banking sector under the impacts of financial technology and Vietnam-Korea financial cooperation in a digital world.
