10:36:40 AM | 4/2/2019
| Mr. Tran Xuan Ha, Deputy Minister of Finance of Vietnam South Korea is one of Vietnam's major bilateral donors. Loans of the Korean Government are provided through the Korea Economic Development Cooperation Fund. So far, the Government of South Korea signed 55 loan agreements worth US$2 billion for Vietnam. In addition, the Vietnam - Korea Tax Agreement, signed on May 20, 1994, has contributed to promoting bilateral commercial and economic ties for 25 years. According to the Korean Ministry of Strategy and Finance (MOSF), a negotiation protocol is underway to amend and supplement some articles of the Tax Agreement to match new developments. Regarding capital markets, currently, more than 6,600 Korean investors and six Korea-led securities companies are joining in the Vietnamese stock market, making Korea a leading investor on the Vietnamese equity market. The insurance industry also attracts Korean insurers like Hanwha Life, Mirae, Samsung Vina and Seoul Guarantee. The effective performance of Korean insurers has effectively helped develop the Vietnamese insurance market. In the coming time, the Government of Vietnam will continue to focus on institutional reforms, strengthen macroeconomic stability, control inflation, and ensure major economic balances. We will press on economic restructuring, especially restructuring public investment, restructuring State-owned enterprises, improving the business environment, promoting rapid and sustainable economic growth. We hope to receive suggestions, support and cooperation from South Korea. Mr. Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam (SBV) Korea is among countries with the most banks in Vietnam, with two banks, eight bank branches, six representative offices and two financial leasing companies. Financial and banking cooperation is not only defined within the scope of investment cooperation, but also extended to expert exchange, support and official capacity building. Vietnam has good conditions and potential for Fintech development thanks to its comparative advantages of population size, high smartphone and internet adoption rate, thus bringing a valuable opportunity for authorities and businesses to contact, meet and explore huge Fintech potential in their dynamic financial and banking markets. Mr. Ha Huy Tuan, Vice Chairman of the National Financial Supervisory Commission (NFSC) Vietnam really wants Korean investors to seize the opportunity to actively participate in Vietnam's equitization programs and banking sector restructuring programs, and provide financial services for Fintech applications in Vietnam. The Fintech technology application for “inclusive finance” in Vietnam is highly potential because Vietnam has a young population structure, good internet infrastructure and a growing middle class. Via the 8th International Financial Conference, Vietnam and Korea will promote the achieved results, find the foundation of future development, propose a new vision of peace, prosperity and development. Mr. Kim Do Hyon, Korean Ambassador to Vietnam Vietnam and Korea have an ideal, trustworthy bilateral cooperation relationship and share cultural and historical similarities. The successful hosting of the 2nd United States - DPRK Summit showed that Vietnam has an important role to promote South Korea and North Korea cooperation. Besides, the U.S. - China trade war is a major concern of the world for the time being and investment flows are being shifted or redirected to Vietnam. Vietnam needs flexible, active economic and financial policies to embrace these opportunities. The country is expected to generate policies to support and facilitate foreign financial institutions to invest more in Vietnam in the coming time. In addition, it needs to focus more on such fields as mergers and acquisitions (M&A), Fintech, infrastructure investment and industry so as to better improve people's livelihoods and boost economic development. Particularly, Vietnam is known to have enormous potential and advantages in Fintech development while South Korean businesses are very suitable partners for Vietnam to develop this field and pursue Industrial Revolution 4.0 in general. |
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