In Hanoi, on March 22, 2018, on the side of Vietnam – Republic of Korea (RoK) Financial Cooperation Forum, H.E. Mr. Le Minh Hung, Governor of the State Bank of Vietnam (SBV) and H.E. Mr. JongKu Choi, Chairman of the RoK’s Financial Services Commission (FSC), signed a memorandum of understanding (MoU) on cooperation in the field of Financial Innovation.
SBV and FSC sign MoU on Cooperation in field of Financial Innovation
In Hanoi, on March 22, 2018, on the side of Vietnam – Republic of Korea (RoK) Financial Cooperation Forum, H.E. Mr. Le Minh Hung, Governor of the State Bank of Vietnam (SBV) and H.E. Mr. JongKu Choi, Chairman of the RoK’s Financial Services Commission (FSC), signed a memorandum of understanding (MoU) on cooperation in the field of Financial Innovation.
Addressing the forum, Governor Le Minh Hung said that the forum is of great importance in the context of the fast growing strategic partnership between Vietnam and the RoK. He expressed his belief that the forum would be a valuable opportunity for the two sides to share and understand the challenges, needs and potentials in the financial and banking cooperation between the two countries in the coming time, especially in the context of the technological revolution, the industrial revolution 4.0 opening up new development prospects 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 those countries with the most presence of credit institutions in Vietnam with two wholly foreign-owned banks, seven branches, six representative offices and two finance 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 an MoU on cooperation in the field of Financial Innovation. It is a significant milestone in the establishment of a legal framework for the comprehensive cooperation between the SBV and the FSC. At the same time, this MoU is the legal basis for the two sides to strengthen the information exchange, formulate and implement the substances of technical cooperation with regard to the modernization of the finance and banking sector, the application of modern financial technologies in the banking operations and services, etc.
Le Hang