Vice Chairman Kwon Daeyoung of the Financial Services Commission Meets Vietnamese Vice Minister of Finance: "Strengthening Capital Market Cooperation"
Follow-up Measures after the Korea-Vietnam Summit
Commitment to Strengthen Cooperation in Insurance and Fintech Sectors
Kwon Daeyoung, Vice Chairman of the Financial Services Commission, met with Nguyen Duc Chi, Vietnam’s Vice Minister of Finance, and agreed to further strengthen cooperation between Korea and Vietnam in the field of capital markets.
According to the Financial Services Commission on July 16, Vice Chairman Kwon held a meeting with Vice Minister Chi at the Government Complex Seoul that morning. This marks their second meeting, following their previous discussion in August last year.
Vice Chairman Kwon stated, "Vietnam is a key partner nation for Korea and is the country where Korean financial companies have the second largest presence abroad. I would like to thank you for the approval this year of Korea Development Bank’s Hanoi branch and Industrial Bank of Korea’s Vietnamese subsidiary." He emphasized that, following the Korea-Vietnam summit in April and the accompanying official visit by Financial Services Commission Vice Chairman Lee Eokwon, the approval for NICE Information Service’s Vietnamese subsidiary to provide credit information services in Vietnam is a clear outcome of active financial diplomacy. He expressed hope that financial cooperation between the two countries would continue to develop.
In response, Vice Minister Chi said, "With the cooperation of Korea Exchange, the next-generation securities market system, which has been in operation since last year, laid the foundation for the Vietnamese stock market to be upgraded to the FTSE Russell Secondary Emerging Market in April this year, thereby enhancing its competitiveness." He added that Vietnam is pushing to introduce a regulatory sandbox in the securities sector this year to further spur innovation in the country’s capital markets. He proposed that the two countries continue to share policy experiences and strengthen cooperation for the advancement of their respective capital markets.
Vice Chairman Kwon responded, "For Korea's stock market to make the leap to a premium market, we will continue our efforts to improve the market's fundamentals, focusing on four key policy directions—trust, shareholder protection, innovation, and improved market accessibility. Based on our experience in developing Korea's capital market system and its infrastructure, we will actively share our know-how with Vietnam as needed going forward."
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Both sides also agreed to strengthen cooperation not only in the capital market, but also across other financial sectors such as insurance and fintech.
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