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Korea, Vietnam agree to bolster cooperation in the financial sector

Published: 25 Aug. 2025, 11:51 Updated: 25 Aug. 2025, 14:29

Kwon Dae-young, right, vice chairman of the Financial Services Commission, poses for a photo with Nguyen Duc Chi, left, Vietnam's deputy finance minister, at his office in Seoul, on Aug. 25. [YONHAP]

Korea and Vietnam agreed Monday to further enhance cooperation in the financial sector, particularly in the stock market system, via exchanges of policy experiences and related knowledge, Seoul's financial regulator said.

In a meeting with Vietnam's deputy finance minister, Nguyen Duc Chi, in Seoul, Financial Services Commission (FSC) Vice Chairman Kwon Dae-young stressed that the two nations should also work to cooperate in the insurance, financial technology and other sectors.

The two countries have cooperated closely on the development of IT systems for Vietnam's financial market.

In 2016, Seoul secured a $28.7 million deal to upgrade technological infrastructure for Hanoi's stock and financial derivative markets.

The next-generation financial IT system has been in full operation since May.

In a meeting held in Seoul earlier this month, President Lee Jae Myung and Vietnam's top leader, To Lam, stressed the need to bolster the countries' bilateral trade and financial cooperation, agreeing to take steps to boost their bilateral trade volume to $150 billion by 2030.

Vietnam is Korea's third-largest trading partner and home to about 10,000 Korean companies. Bilateral trade volume stood at $86.7 billion in 2024.

Yonhap