Vietnam and South Korea decided on Monday to further strengthen their financial sector cooperation, especially in the stock market system, through the sharing of policy experiences and related knowledge, according to Seoul's financial regulator.
During a meeting with Vietnam's Deputy Finance Minister Nguyen Duc Chi in Seoul, Kwon Dae-young, Vice Chairman of the Financial Services Commission (FSC), emphasized the importance of collaboration between the two countries in areas such as insurance and financial technology.
The two nations have been working closely together to develop IT systems for the financial market in Vietnam.
In order to upgrade the technology infrastructure for Hanoi's stock and financial derivative markets, Seoul was able to secure a $28.7 million deal in 2016.
Since May of this year, the next-generation financial IT system has been fully operational.
President Lee Jae Myung and To Lam, the top leader of Vietnam, agreed to take action to increase their bilateral trade volume to $150 billion by 2030 during a meeting earlier this month in Seoul. The two leaders emphasized the importance of strengthening their financial cooperation and bilateral trade.
About 10,000 Korean businesses call Vietnam home, making it Korea's third-largest trading partner. In 2024, the volume of bilateral trade was $86.7 billion.
