During the time from 10 to 13 August 2025, Deputy Governor Doan Thai Son of the State Bank of Vietnam (SBV) accompanied Party General Secretary To Lam in his state visit to the Republic of Korea (ROK).
This was the first official visit of a Vietnamese leader to the ROK since President Lee Jae Myung took office. The visit bears a particularly significant meaning, contributing to enhancing the mutual understanding and the political trust, creating a foundation to promote and further deepen the Vietnam-Korea Comprehensive Strategic Partnership in the next period.
During his time in the ROK, as assigned by the General Secretary, Deputy Governor Doan Thai Son participated in many important activities, including a meeting with the Korean friends who have made many contributions to the friendship and good cooperation between the ROK and Vietnam; a meeting with the officials and staff of the Vietnamese Embassy and the Vietnamese people’s community in the ROK; attending the State-level welcoming ceremony and the State banquet hosted by the ROK President; attending the Vietnam - Korea Economic Forum themed "Cooperation to develop production chains in the new era"; attending the opening ceremony of the Vietnamese Consulate General in Busan City,…
Under the witness of General Secretary To Lam and the ROK President Lee Jae Myung, SBV Deputy Governor Doan Thai Son and Governor of the Bank of Korea (BOK) Chang Yong Rhee signed and exchanged a Memorandum of Understanding (MoU) on the cooperation and technical assistance related to the central bank’s operations to replace the MoU on cooperation between the two central banks signed in 2024. The new MoU, with an expanded scope of cooperation, creates a comprehensive framework for the two sides to implement more exchanges, share experience, and coordinate the implementation of specific research topics in accordance with practical demands and available resources, promoting the economic cooperation in particular and the comprehensive strategic partnership between Vietnam and the ROK in general.
On August 12, 2025, Deputy Governor Doan Thai Son made a visit to the BOK’s headquarters and had a meeting with BOK Deputy Governor Chae Byung Deuk. At the meeting, both sides expressed their pleasure with the increasingly growing Vietnam-Korea relations in all aspects; many Korean financial and banking institutions have been operating effectively in Vietnam, acting as active bridges in supporting the Vietnam-Korea trade and investment relationship.
Acknowledging the positive comments of the BOK Deputy Governor for Vietnam’s progress in general and the SBV’s achievements in particular in maintaining the macroeconomic stability and controlling the inflation, Deputy Governor Doan Thai Son also expressed his appreciation for the meaningful cooperation that the BOK has provided to the SBV in enhancing the professional capacity, especially through the BOK’s Knowledge Partnership Program (BOK-KPP), involving leading experts from the BOK as well as Korean research institutes and universities, to exchange practical experience with the SBV, and provide advice and recommendations related to the SBV’s key operations, including the monetary policy management, the exchange rate and the foreign exchange management, the systemic risk supervision, the payment system oversight, the cash supply forecast and management, and the balance of payment statistics.
SBV Deputy Governor Doan Thai Son presents a gift to BOK Deputy Governor Chae Byung Deuk
Deputy Governor Doan Thai Son and Deputy Governor Chae Byung Deuk also agreed to assign the relevant units of the two sides to jointly research and propose possible expansion of the forms of cooperation and the experience exchanges at both high and technical levels on the issues of mutual interest, in line with the development trends of the global banking and financial systems.
HY