In Hanoi, on March 22, 2018, Governor Le Minh Hung of the State Bank of Vietnam (SBV) had a meeting with Mr. JongKu Choi, Chairman of the RoK’s Financial Services Commission (FSC). Also attending the meeting were representatives from the SBV Office, the International Cooperation Department, the Payment Department, the Banking Supervision Agency.
Governor Le Minh Hung warmly welcomed the FSC Chairman
At the meeting, Governor Le Minh Hung warmly welcomed the FSC delegation led by FSC Chairman JongKu Choi to the SBV. He briefed the guests of socio-economic situations in Vietnam during the first months of 2018.
Governor Le Minh Hung highly appreciates the cooperative relation between SBV and FSC
Continuing, he highly appreciated strategic cooperation relationship between Vietnam and the RoK, with the RoK continuing to be among the leading partners of Vietnam. The RoK is now the country with the largest FDI in Vietnam, and one of Vietnam’s largest trading partners . At the same time, he stated that the RoK has been one of those countries with the most presence of credit institutions in Vietnam. 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.
FSC Chairman (in the middle) speaks at the meeting
For his part, the FSC Chairman spoke highly of the economic growth of Vietnam in the recent years and the achieved results in the cooperation relationship between the two countries. Particularly, in the cooperation with the SBV, the FSC has signed with the SBV a Memorandum of Understanding (MoU) on cooperation in the field of financial supervision in 2006. In order to implement this MoU, annually the two sides have organized many cooperative activities to strengthen the management information exchanges and the mutual understanding of the banking sectors of the two countries. He went on that, the recent signing of a new MoU on cooperation in the field of Financial Innovation between the FSC and the SBV will be the legal basis for the two sides to strengthen the information exchanges, develop and implement the substances of the 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. He asserted that the implementation of this MoU would improve the cooperative relationship between the FSC and the SBV in the coming time.
A snapshot of the meeting
Also at the meeting, Governor Le Minh Hung and FSC Chairman Jong Ku Choi exchanged their views on various substances with regard to the enhancement of the cooperation between the SBV and the FSC, especially in exchanging information on the banking supervision and inspection; renovation and application of modern financial technologies in the banking operations and services; restructuring of credit institutions in collaboration with NPL resolution, etc.
Le Hang