On March 3, 2019 in Hanoi, Governor Le Minh Hung of the State Bank of Vietnam (SBV) had a meeting with Mr. Yoo Gwang Yeo, First Senior Deputy-Governor of the South Korean Financial Supervisory Service (FSS). Also attending the meeting were representatives from the SBV’s International Cooperation Department, the Banking Supervision Agency and the Payment Department together with representatives from the FSS Office in Hanoi.
At the meeting, Governor Le Minh Hung warmly welcomed the FSS delegation to visit and work with the SBV. He spoke highly of the role and the operational performance of the FSS Office in Hanoi. He added that the FSS Office has been performing very well its tasks of promptly providing Vietnamese authorities with information on the cross-border cooperative activities regarding financial supervision involving the Korean authorities; updates on the market developments, researching policies in order to coordinate with the SBV to provide guidance for the Korean credit institutions operating in Vietnam, ensuring that those credit institutions comply with the relevant regulations of both countries. The Governor also requested the FSS Office in Hanoi to continue to promote its roles in Vietnam.
Governor Le Minh Hung speaks at the meeting
Exchanging views about the bilateral cooperation related to the restructuring of the banking sector, Governor Le Minh Hung shared that Vietnam’s banking industry has been implementing drastically the Scheme of restructuring the system credit institutions in collaboration with NPL resolution for the period of 2016–2020. He hoped that the FSS would support the SBV by consulting and encouraging Korean potential investors to participate in the restructuring of the credit institutions in Vietnam; sharing experience in strengthening the banking supervision and inspection in accordance with the international practices, etc.
On the operations of the Korean banks in Vietnam, the SBV Governor said that, according to the SBV assessment, the Korean credit institutions have been operating positively, dynamically and in compliance with Vietnamese laws, contributing greatly to enhancing the cooperative relations between the two countries. He confirmed that the SBV will always create most favorable conditions for the Korean credit institutions to operate effectively and efficiently in Vietnam, and expressed his hope that the FSS would coordinate closely with the SBV to monitor and ensure the compliance of the Korean credit institutions. In addition, the SBV also hopes that the FSS will further share information and experience, and provide training to the SBV entities, etc.
For his part, Mr. Yoo Gwang Yeo, the FSS First Senior Deputy-Governor, thanked Governor Le Minh Hung for sharing valuable information at the meeting. He expressed his hope that, in the coming time, the cooperative relations between the FSS and Vietnamese authorities would develop further; and committed to providing the needed support for the fields of the SBV’s interest, such as the restructuring of the banking sector, improving Fintech and promoting bilateral cooperation in Fintec, etc.
Le Hang