On September 29, 2022, in Hanoi, Deputy Governor Nguyen Kim Anh of the State Bank of Vietnam (SBV) had a meeting with Mr. Kwon Daeyoung, Standing Commissioner of the Financial Services Commission (FSC) of the Republic of Korea (RoK).
Also attending the meeting, from the SBV’s side, there were representatives from the International Cooperation Department, the Banking Supervision Agency, the Payment Department, the Information Technology Department, the National Credit Information Center of Vietnam (CIC). On the RoK’s side, there was Mr. Yoon Sang Key, Minister-Counselor from the Embassy of the RoK to Vietnam, together with the leaders of some functional units of the FSC.
Welcoming Mr. Kwon Daeyoung’s working visit to the SBV, Deputy Governor Nguyen Kim Anh emphasized that after 30 years of the establishment of the diplomatic relations between the two countries, the partnership between Vietnam and the RoK has been continuously enhanced intensively both in political and economic affairs. In that context, the RoK is now the country with the most presence of credit institutions in Vietnam (23 Korean credit institutions are now operating in Vietnam). The Korean banks have proven to be dynamic and well-performing investors, and they have made significant contributions to Vietnam’s economic growth, as well as the development of the bilateral partnership between Vietnam and the RoK.
Mr. Kwon Daeyoung, FSC’s Standing Commissioner
On behalf of the FSC, Mr. Kwon Daeyoung thanked the SBV for the high evaluation of the operations of Korean banks and financial institutions in Vietnam. He also expressed his wishes to continue the close cooperation with the SBV in order to strengthen the bilateral partnership in the finance and banking sector, thereby further promoting the trade and investment relations, and bringing the strategic partnership between Vietnam and the RoK to a new height.
Also at the meeting, the two sides exchanged their views on the current trends in the banking sector, such as the banking digitization, the open banking, the management and exploitation of customers’ data, sandbox for Fintech, etc.These are the areas that the RoK, as one of the leading countries in the world, has a lot of experience, both in the legal framework development and in the practical implementation. Mr. Kwon Daeyoung asserted that Vietnam’s advantages in terms of the population structure, the high ratio of people with access to the Internet and smartphones, together with the consistent policies of the Government would be the key factors for the success in the digital transformation of Vietnam’s banking sector.
The two sides’ participants at the meeting
Toward the end of the meeting, Deputy Governor Nguyen Kim Anh proposed that the FSC continue to support and share more experience in the areas of financial innovation, digital banking, anti-money laundering, etc. The two sides also agreed to review the implementation progress of the Memorandum of Understanding on cooperation in financial innovation, which was signed in 2018, thereby considering the possibilities of updating more cooperative substances in order to reflect the current demands and context.
Le Hang