On November 10, 2026, at the headquarters of the State Bank of Vietnam (SBV), Governor Pham Duc An held a meeting with Ms. Lee Mi Yon, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Vietnam, on the occasion of her commencement of duties in Vietnam. The meeting focused on bilateral cooperation in the financial and banking sectors.
SBV Governor Pham Duc An and Ambassador Lee Mi Yon discuss cooperation in the financial and banking sectors
The meeting was attended by representatives from relevant SBV departments and units. The Korean delegation included representatives from the Republic of Korea’s financial regulatory authorities, the Financial Supervisory Service (FSS), and the Embassy of the Republic of Korea in Vietnam
Welcoming Ambassador Lee Mi Yon to Vietnam on the occasion of her assumption of office, Governor Pham Duc An expressed his confidence that, with her extensive diplomatic experience and deep understanding of Vietnam, she would successfully fulfill her mission and make positive contributions to advancing the Comprehensive Strategic Partnership between Vietnam and the Republic of Korea, including cooperation in the financial and banking sectors.
Regarding bilateral relations, the Governor noted that the Viet Nam–Republic of Korea relationship had continued to develop robustly and substantively across various fields. He emphasized the important role of financial and banking cooperation in strengthening economic connectivity and promoting bilateral ties. Vietnam is currently the Republic of Korea’s largest economic partner in Southeast Asia, while the Republic of Korea is Vietnam’s largest foreign investor.
The Governor highly appreciated the cooperation and technical assistance provided by the Republic of Korea’s regulatory authorities in the monetary and banking sectors. He expressed his hope that experience sharing and policy dialogue between the two countries’ regulatory authorities would continue to be maintained and strengthened, thereby contributing to enhanced regulatory and supervisory capacity and the sustainable development of Vietnam’s banking system.
Highlighting the achievements of bilateral cooperation and the potential for further collaboration, Governor Pham Duc An particularly emphasized the prospect of establishing two-way QR code payment connectivity between Vietnam and the Republic of Korea. The payment service from Vietnam to the Republic of Korea is expected to be completed in the fourth quarter of 2026. This initiative is expected to facilitate tourism and people-to-people exchanges while promoting cross-border retail payments in local currencies.
The Governor reaffirmed that the SBV would continue to maintain regular and effective dialogue with the Republic of Korea’s financial regulatory authorities and institutions, while enhancing information exchange, experience sharing and technical assistance in areas of mutual interest. He also called on the Embassy of the Republic of Korea to continue serving as a bridge to strengthen connections and facilitate cooperation between the SBV and the Republic of Korea’s regulatory authorities and specialized organizations.
An overview of the meeting
For her part, Ambassador Lee Mi Yon highly appreciated the extensive achievements in cooperation between Vietnam and the Republic of Korea, including in the financial and banking sectors. She congratulated the Industrial Bank of Korea (IBK) on receiving a license to establish its first branch in Vietnam, describing this as a reflection of the growing cooperation between the two countries in the banking sector.
The Ambassador noted that Korean businesses and financial institutions were seeking to expand their investments and operations in Vietnam across various sectors. She expressed her hope that the SBV would continue to support the operations of Korean financial institutions in Vietnam and create favorable conditions for them to contribute to the development of Vietnam’s financial market.
Regarding cooperation in payments and the development of International Financial Centers (IFCs), Ambassador Lee Mi Yon expressed her hope that the SBV would continue to facilitate the participation of Korean businesses in Vietnam’s financial digitalization process and the development of modern payment methods, including QR code payment connectivity. Drawing on its experiences, the Republic of Korea would also continue to support Vietnam in developing its IFCs.
SBV Governor Pham Duc An and participants pose for a group photo
Minh Khang