Jung Eunbo, Chairman of the Korea Exchange, has departed the country to attend the "Vietnam Capital Market Next-Generation System Launch Ceremony" and to visit key institutions in the Thai capital market to strengthen cooperation on IT infrastructure development projects for the Thai stock market.
The Financial Services Commission and Chairman Jung Eunbo are scheduled to attend the "Vietnam Capital Market Next-Generation System Launch Ceremony" held at the GEM Center in Ho Chi Minh City, Vietnam, on July 28 (local time).
Jung Eunbo, Chairman of the Korea Exchange, is delivering the opening remarks at the 'KOSDAQ Listed Companies Meeting for Corporate Value Up' held at the Korea Exchange in Yeongdeungpo-gu, Seoul on May 21. Photo by Yonhap News
This event was organized by the Vietnam State Securities Commission to celebrate the successful launch of the next-generation system, coinciding with the 25th anniversary of the opening of the Vietnamese securities market (July 28, 2005). Under the active policy support of the Financial Services Commission, the Korea Exchange oversaw the entire project for the next-generation system of the Vietnamese capital market, which has been operating stably for about three months since its successful launch on May 5.
This project modernized the entire IT infrastructure of the Vietnamese capital market?including trading, market information, market surveillance, clearing and settlement, and depository and registration systems?used by the Ho Chi Minh Stock Exchange (HoSE), Hanoi Stock Exchange (HNX), and Vietnam Securities Depository and Clearing Corporation (VSDC). The Vietnamese side evaluated that, through this project, they have incorporated the Korea Exchange's advanced IT technology, secured operational stability and global competitiveness for their systems, and laid the foundation for entry into emerging market indices.
In his congratulatory remarks, Chairman Jung Eunbo stated, "I sincerely congratulate the successful launch of the next-generation system, which will serve as a new milestone for the Vietnamese capital market," and added, "I hope that the mutual trust built through this project will lead to continued mutually beneficial cooperation between the two countries' capital markets in the future."
Lee Yoonsu, Standing Commissioner of the Securities and Futures Commission at the Financial Services Commission, also said in his congratulatory speech, "Vietnam is the country where Korean financial companies have the second largest presence after the United States, and now, beyond mutual market entry, we have made a historic mark in bilateral financial cooperation through infrastructure collaboration." He added, "I hope that the Vietnamese capital market, celebrating its 25th anniversary, will seize this opportunity to solidify its status as an emerging market in the global arena."
The Financial Services Commission and the Korea Exchange believe that, as the Vietnamese capital market system is operated based on the Korean model, it will greatly facilitate the entry of Korean securities firms into the Vietnamese capital market. They also expect that the successful completion of this project will significantly enhance recognition and status in the IT export market for the capital market sector, thereby expanding future export opportunities.
On July 30, Chairman Jung Eunbo will also meet with Kittiphong Urapeepatanapong, Chairman of the Stock Exchange of Thailand (SET), and Asade Kongsi, CEO, to review the progress of the next-generation clearing and settlement system supply contract signed between the Korea Exchange and the Stock Exchange of Thailand in April, and to discuss ongoing technological cooperation between the two exchanges.
The following day, he will meet with Wisit Wisitsora-at, Chairman of the Securities and Exchange Commission (SEC) of Thailand, to review the operational status of the Thai market surveillance system established and operated by the Korea Exchange, and to exchange views on strengthening investor protection and other issues related to the capital markets of both countries.
Through this business trip, Chairman Jung Eunbo aims to strengthen partnerships with the capital market authorities of Vietnam and Thailand, and to review the overall export business of capital market infrastructure in both countries. Based on this, the Korea Exchange plans to further enhance its export competitiveness in stock market infrastructure development projects in the ASEAN region in the future.
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