On July 18, 2019 at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Doan Thai Son had a meeting with Mr. Kim Tae Oh – Chairman of Daegu Financial Group cum CEO of Daegu Bank.
Also attending the meeting were representatives of the SBV International Cooperation Department and the Banking Supervision Agency.
At the meeting, SBV Deputy Governor Doan Thai Son welcomed Mr. Kim Tae Oh – Chairman of Daegu Financial Group cum CEO of Daegu Bank and the delegation to visit and work at the SBV.
Deputy Governor Doan Thai Son spoke highly of the positive operations of the Representative Office of Daegu Bank in Ho Chi Minh City in bridging between South Korean enterprises and Vietnamese market. The SBV Deputy Governor emphasized that South Korea is currently the country with the largest number of credit institutions in Vietnam. The SBV always welcomes and creates favorable conditions for Daegu Bank, as well as other foreign banks to operate and develop in Vietnam.
Currently, South Korea has two 100% foreign-owned banks, eight foreign bank branches, three financial companies and finance leasing companies, six representative offices in Vietnam. In general, South Korean banks are operating actively, dynamically and in compliance with the law; actively contributing to promote the trade-finance-banking cooperation relations between the two countries.
SBV Deputy Governor Doan Thai Son takes photo with the delegation
Mr. Kim Tae Oh thanked Deputy Governor Doan Thai Son for his time and for having shared useful information with the delegation. The Chairman of Daegu Financial Group also reported to the SBV Deputy Governor on the Bank’s operational strategy in Vietnamese market and expressed his desire to further expand investment and cooperation activities in Vietnam.
At the meeting, Chairman Kim Tae Oh also expressed his gratitude for the attention and assistance of the Government of Vietnam and the SBV toward the development of Daegu Bank over the past time; at the same time, he also expressed his wish that there will be more opportunities for Daegu Financial Group to contribute to the financial market and the development of Vietnam's economy in the coming time.
Regarding the trade cooperation relations between the two countries, South Korea is one of Vietnam's leading important economic partners. Currently, South Korea is the 4th largest export market and the second largest import market of Vietnam. The bilateral trade turnover has increased 123 times, from 0.5 billion USD in 1992 when the two countries established diplomatic relations, to 61.5 billion USD in 2017. In 2018, the total bilateral trade turnover reached 65.7 billion USD, accounting for approximately 20.4% of the total import and export turnover of Vietnam.
In the field of investment, South Korea ranks first among the countries and territories investing in Vietnam, and is the leading partner with about 7,600 projects, and a total registered investment capital of 63.7 billion USD.
VA