Vietnam, RoK asked to work to boost regional financial stability hinh anh 1A view of Ho Chi Minh City - the southern economic hub of Vietnam (Source: VNA)

Top representatives of the Republic of Korea (RoK)’s financial bodies have underlined the necessity for the country and Vietnam to foster cooperation for the regional financial stability at their recent meetings with a delegation of Vietnam’s National Financial Supervisory Commission (NFSC).

During the visit from September 29 to October 2, the delegation had working sessions with Chairman of the RoK’s Financial Services Commission (FSC) Yim Jong-yong, Governor of the Financial Supervisory Service (FSS) Zhin Woong-seob, Bank of Korea Governor Lee Ju-yeol, Korea Exchange Chairman Choi Kyung-soo, along with representatives of the RoK’s major financial institutions investing in Vietnam.

The two sides rejoiced at the thriving cooperation between the two countries since they set up the diplomatic relationship in 1992, adding that the lift of their ties to the strategic partnership and the signing of a bilateral free trade agreement will open up a myriad of chances to bolster economic, trade and investment collaboration.

NFSC Chairman Vu Viet Ngoan presented Vietnam’s achievements in macro-economic stability, growth revitalisation and simultaneous economic restructuring and growth model innovation. He also highlighted Vietnam’s continued efforts to integrate into global economies and improve business climate.

The RoK side spoke highly of the Southeast Asian nation’s economic outlook and expressed the hope for more favourable conditions provided by local managerial agencies for them to expand operations.

The Korean representatives shared their experience in developing, managing and monitoring the capital market and the Korea New Exchange (KONEX) which is meant to assist startup small- and medium-sized enterprises.

NFSC Chairman Ngoan, FSC Chairman Yim Jong-yong and FSS Governor Zhin Woong-seob discussed the possibility of signing a cooperation agreement on sharing information about supervising Korean financial institutions’ operations in Vietnam and on training financial supervisory personnel.

The RoK side voiced support to Vietnam’s proposal of establishing an East Asia financial stability forum and vowed to send experts to engage in designing a blueprint for the forum formation.-VNA