'Sustainable Finance and Capital Market Development' Theme
Meeting with Vietnam Central Bank and Securities Commission
Local Financial Companies Forum Also Held
The Financial Services Commission held the Korea-Vietnam Financial Cooperation Forum, meetings with the State Bank of Vietnam (SBV) and the Securities Commission of Vietnam (SSC), and a roundtable with local financial companies in Hanoi, the capital of Vietnam, to discuss ways to strengthen mutual cooperation. Vietnam is Korea's third-largest trading partner after China and the United States, with an economic growth rate exceeding 5% and a population of about 100 million, showing high growth potential. It is the second most popular country for Korean financial companies to enter after the United States.
According to the Financial Services Commission on the 26th, Standing Commissioner Lee Hyung-joo attended the "Korea-Vietnam Financial Cooperation Forum" held in Hanoi on the 25th, themed on sustainable finance and capital market development. The event was jointly sponsored by the Financial Services Commission, the State Bank of Vietnam, and the Securities Commission of Vietnam, and co-hosted by the Korea Overseas Financial Cooperation Council in collaboration with the Vietnam Banking Strategy Institute and Shinhan Bank. About 200 financial authorities and market participants from both countries attended, including Pham Quang Dzung, Deputy Governor of the State Bank of Vietnam, Bui Hoang Hai, Vice Chairman of the Securities Commission of Vietnam, and Lee Hang-yong, Chairman of the Korea Overseas Financial Cooperation Council.
The first part of the forum was held under the theme "Financial Synergy between Korea and Vietnam for a Sustainable Future." In his opening remarks, Pham Quang Dzung, Deputy Governor of the State Bank of Vietnam, stated that the Vietnamese banking sector has recently been promoting policies for sustainable development as a core task, such as introducing environmental and social impact assessments by industry and publishing green loan guidelines. However, since it is still in the early stages, he hoped that today's forum would serve as an opportunity to generate diverse and creative ideas.
Standing Commissioner Lee Hyung-joo, in his congratulatory remarks, introduced Korea's climate finance response status, including the Korean-style green taxonomy (K-taxonomy), green bond and green loan guidelines, and Korea's ESG disclosure standards. He emphasized that Korea and Vietnam, which have built a mutually beneficial cooperative relationship since establishing diplomatic relations in 1992, hope to create a more future-oriented financial partnership through this forum.
Chairman Lee Hang-yong, in his welcoming remarks, mentioned that the promotion of green finance transformation by all credit institutions supported by the State Bank of Vietnam will lead to the long-term growth of Vietnam's financial industry. He expressed hope that the Korea-Vietnam financial cooperation relationship would further develop through the sharing of ESG and green finance knowledge.
At the forum held under the theme "Capital Market Development and Transition," Standing Commissioner Lee Hyung-joo explained recent policies and corporate value-up programs for the advancement of the Korean capital market. He emphasized that for Korea and Vietnam to continue their growth momentum, joint efforts to foster a balanced financial market where companies can raise funds according to diverse needs not only through bank loans but also through capital markets such as stocks and bonds are important.
Bui Hoang Hai, Vice Chairman of the Securities Commission of Vietnam, expressed in his congratulatory remarks that this forum would open greater opportunities for cooperation and prosperity in the capital markets of both countries. He conveyed his expectation that through expanded investment between Korea and Vietnam, the two countries would succeed together and realize mutual benefits in the relatively young Vietnamese capital market.
Meetings with Vietnamese Financial Authorities... Exchange of Opinions on Financial Market Issues of Both Countries
Standing Commissioner Lee Hyung-joo held meetings with the State Bank of Vietnam on the 25th and the Securities Commission on the 26th to exchange opinions on financial market trends and issues of both countries and discuss ways to strengthen mutual cooperation.
In the meeting with the State Bank, Pham Quang Dzung, Deputy Governor of the State Bank of Vietnam, introduced key policy tasks including promoting sustainable finance, digital transformation of finance, and effective bank supervision measures including non-performing loan resolution. He expressed hope that Korean knowledge and experience related to these areas would be shared with Vietnam. Standing Commissioner Lee Hyung-joo responded that Korea shares the recognition of the need to pursue these policy tasks and hopes that Korea's cases can provide useful policy implications. He also expressed his expectation that Korea and Vietnam will expand the entry and exit of financial companies mutually and become partners growing together.
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On the 26th, Vu Thi Chan Phuong, Chairwoman of the Securities Commission of Vietnam, stated that since inviting Korean securities companies and asset management firms last December to listen to their difficulties, they have been continuously making policy efforts to resolve them. In response, Standing Commissioner Lee Hyung-joo concluded the meeting by wishing that the Vietnamese capital market, the most actively traded in the region, will continue to grow rapidly through strengthened cooperation with the Korean capital market sector.
Meanwhile, Standing Commissioner Lee Hyung-joo visited the Hanoi Starlake branch of Woori Bank and held a roundtable with eight local financial companies engaged in banking, insurance, and credit businesses. Through the roundtable, he listened to trends in the Vietnamese financial market, each company's business status and issues, and suggestions, and announced plans to actively support the overseas expansion of Korean financial companies by strengthening cooperation with Vietnamese financial authorities.
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