Deputy Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) had a meeting with Mr. Joo Hyung Kwan, Vice Minister of Strategy and Finance of the Republic of Korea, in Hanoi on June 19.
At the meeting, SBV Governor Nguyen Thi Hong warmly welcomed the working visit of the delegation led by Mr. Joo Hyung Kwan, Vice Minister of Strategy and Finance of the Republic of Korea. The SBV Deputy Governor stated that Korea and Vietnam have a strong bilateral commercial relationship. Particularly, South Korea is the biggest investor in Vietnam. For the last years, businesses and credit institutions of South Korea have made active contributions to the socio-economic contribution of Vietnam, thereby helping Vietnam to maintain a relatively high growth in the region.
SBV Deputy Governor Nguyen Thi Hong informed the delegation of South Korea’s Ministry of Strategy and Finance of the current socio-economic achievements and reforms in Vietnam’s banking sector. The SBV Deputy Governor stressed that the Government of Vietnam has been restructuring the economy, and changing the model of economic growth intensively and extensively, thereby enhancing the effectiveness of the capital use. Three focuses of the economic restructuring are: restructuring public investments; restructuring businesses with focus on state-owned ones; restructuring the financial system with focus on credit institutions. The Deputy Governor also highlighted that SBV has been proactively restructuring the system of credit institutions and dealing with bad debts, ensuring a safe performance of the system of credit institutions, curbing the risk of collapse and unsafe operation of the system, improving the liquidity of credit institutions, and securing the safety of the State’s assets and customers’ deposits. To present, the system of credit institutions has been restructured in the direction of enhancing the finance, administration, management and competition capacity of every credit institution.
Mr. Joo Hyung Kwan expressed his sincere thanks to the SBV Deputy Governor for her warm hospitality and exchanging information in order to help South Korea to have more opportunities to develop investment in Vietnam, especially in the banking sector. He highly appreciated Vietnam’s economic achievements and SBV’s accomplishments of monetary policy management with the aim of stabilizing the macro-economy, curbing the inflation, promoting the economic growth, thereby facilitating investment environment to attract more foreign investors.
South Korea’s Minister of Strategy and Finance also expressed his thanks for the attention and support of the Government of Vietnam and SBV for South Korean businesses and credit institutions operating in Vietnam over the past time. Additionally, he showed his wishes that SBV will continue to facilitate South Korean enterprises, particularly credit institutions, to develop effectively in Vietnam.
LVH