Vietnam, RoK promote financial cooperation

16:24 | 22/03/2018 Finance - Banking

(VEN) - A Vietnam-Republic of Korea (RoK) financial cooperation forum took place this morning (March 22) in Hanoi. It is expected to open up opportunities for bilateral financial and banking cooperation.

Secretary General of the Vietnam Banks Association (VNBA) Nguyen Toan Thang said Vietnam and the RoK have established diplomatic relations for more than 25 years (1992-2018), and the Vietnam-Korea Free Trade Agreement two years plus ago. Vietnam and the RoK have together reached development in many fields, including finance and banking, Thang added.

Ten RoK banks have been operating here in Vietnam, contributing to the sustainable development of Vietnam in general and its financial and banking sector in particular.

Within the forum’s framework, State Bank of Vietnam (SBV) Governor Le Minh Hung and JongKu Choi, Chairman of the RoK’s Financial Services Commission (FSC) signed a memorandum of understanding on financial renovation cooperation between SBV and FSC to create an important legal framework for the two countries’ banking sector.

Nguyen Hoa