In Hanoi, on March 22, 2018, on the framework of Vietnam – Republic of Korea (RoK) Financial Cooperation Forum, Governor Le Minh Hung of the State Bank of Vietnam (SBV) and JongKu Choi, Chairman of the RoK’s Financial Services Commission (FSC) signed a memorandum of understanding (MoU) on cooperation in the field of financial renovation.
Addressing the forum, Governor Le Minh Hung said that the forum is of great importance in the context of the increasingly growing strategic partnership between Vietnam and RoK. He expressed his belief the forum was an opportunity for the two sides to share and understand the challenges, needs and potentials in financial and banking cooperation between the two countries in the coming time, especially in the context of the technological revolution, the industry 4.0 revolution is opening up new development possibilities for the world in general and for the finance and banking sector in particular.
Governor Le Minh Hung speaks at the forum
Governor Le Minh Hung stated that the RoK has been one of the countries with the most presences of credit institutions in Vietnam with two wholly foreign-owned banks, seven branches, six representative offices and two leasing companies. He praised the Korean banks as dynamic and well-performing investors that have made notable contributions to Vietnam’s economic growth as well as Vietnam-Korea cooperative relationship.
Governor Le Minh Hung and FSC Chairman Jong Ku Choi take photo with attendants
Governor Le Minh Hung and FSC Chairman Jong Ku Choi sign MoU
At the forum, SBV Governor Le Minh Hung and FSC Chairman JongKu Choi signed a MoU on cooperation in the field of financial renovation. It is a significant step in perfecting the legal framework for the comprehensive cooperation between the SBV and FSC. At the same time, this MoU is legal basis for the two sides to strengthen information exchange, formulate and implement substances of technical cooperation with regard to modernization of the finance and banking sector, application of modern financial technology to banking operations and services, and etc.
LH