Vietnam, RoK to work closer to boost regional financial stability

08:48 | 05/10/2015 Cooperation

Top representatives of the Republic of Korea (RoK)’s financial bodies have highlighted the necessity for the RoK and Vietnam to foster co-operation for regional financial stability at their recent meetings with a delegation of Vietnam’s National Financial Supervisory Commission (NFSC).

Vietnam, RoK to work closer to boost regional financial stability

A view of Ho Chi Minh City - the southern economic hub of Vietnam (Photo: VNA)

During the visit from September 29 to October 2, the delegation had working sessions with Chairman of the RoK’s Financial Services Commission (FSC) Yim Jong-yong, Governor of the Financial Supervisory Service (FSS) Zhin Woong-seob, Bank of Korea Governor Lee Ju-yeol, Korea Exchange Chairman Choi Kyung-soo, along with representatives of the RoK’s major financial institutions currently investing in Vietnam.

The two sides spoke highly of the thriving co-operation between the two countries since setting up diplomatic relations in 1992, adding that the lift of their ties to a strategic partnership and the signing of a bilateral free trade agreement will open up a myriad of opportunities to further boost economic, trade and investment collaboration.

NFSC Chairman Vu Viet Ngoan presented Vietnam’s achievements in macro-economic stability, growth revitalisation, simultaneous economic restructuring and growth model innovation. He also highlighted Vietnam’s continued efforts to integrate into global markets and improve the business climate.

The RoK side spoke highly of Vietnam’s economic outlook and expressed hope for more favourable conditions to be provided by local managerial agencies for investors to expand operations.

The Korean representatives shared their experience in developing, managing and monitoring the capital market and the Korea New Exchange (KONEX) which is meant to assist startup small and medium-sized enterprises.

NFSC Chairman Ngoan, FSC Chairman Yim Jong-yong and FSS Governor Zhin Woong-seob discussed the possibility of signing a cooperation agreement on sharing information about supervising Korean financial institutions’ operations in Vietnam and on training financial supervisory personnel.

The RoK side voiced support to Vietnam’s proposal of establishing an East Asia financial stability forum and vowed to send experts to engage in designing a blueprint for the formation of the forum./.

Source: NDO/VNA