FSC strengthens cooperation with Vietnam’s capital market... Exchanges on insurance and fintech also underway

Vice Chairman Kwon Dae-young meets with Vietnamese Deputy Minister of Finance

Follow-up measures to the Korea-Vietnam summit

The Financial Services Commission discussed strengthening capital market cooperation with the Ministry of Finance of Vietnam. This is a follow-up to the Korea-Vietnam summit held on the 11th.

Vice Chairman Kwon Dae-young of the FSC met with Deputy Minister Nguyễn Đức Chi of the Ministry of Finance of Vietnam at the Government Complex Seoul on the morning of the 25th.

Deputy Minister Chi expressed his gratitude, noting that the next-generation securities market system, introduced from Korea Exchange (KRX), was officially launched after nine years and is being operated smoothly.

Vũ Thị Chân Phương, Chairwoman of the State Securities Commission of Vietnam, who also attended the meeting, proposed that both countries continue to strengthen cooperation in capital market supervision and the establishment of a regulatory framework for virtual assets by leveraging the next-generation system.

Vice Chairman Kwon congratulated them on the successful holding of the securities market next-generation system launching ceremony on the 28th of last month, marking the 25th anniversary of the Vietnamese stock market. He also evaluated that, earlier in May, the State Bank of Vietnam (SBV) issued a Certificate of Receipt (CL) for the establishment applications of Industrial Bank of Korea (IBK)’s Vietnam subsidiary and Korea Development Bank (KDB)’s Hanoi branch for the first time in about 6 to 8 years, setting multiple new milestones for financial cooperation between the two countries this year in the banking and capital market sectors.

Vice Chairman Kwon and Deputy Minister Chi wrapped up the meeting with hopes that expanding cooperation in high-potential sectors such as insurance and fintech would help vitalize comprehensive financial cooperation—including banking, capital markets, insurance, and fintech—and foster mutual economic growth for Korea and Vietnam.

The meeting was also attended by Lee Yoon-soo, Standing Commissioner of the Securities and Futures Commission, as well as representatives from the Vietnam, Ho Chi Minh City, Hanoi Stock Exchange (HNX), and Korea Securities Depository (KSD).

Written by Jung Won-woo, bkjung@wowtv.co.kr