Building on decades of expanding trade and investment ties, Viet Nam and South Korea are looking to deepen financial cooperation in areas including capital markets, financial technology (fintech), digital payments and sustainable finance.

Speaking at the Viet Nam-Korea Financial Cooperation Forum in Ho Chi Minh (HCM) City on Monday, Deputy Consul General of South Korea in HCM City, Kwon Tae Han, said the two countries are entering a new chapter of cooperation in financial services after more than three decades of expanding trade and investment ties.

“Since establishing diplomatic relations in 1992, South Korea and Viet Nam have achieved remarkable economic cooperation,” said Han.

“Today, as comprehensive strategic partners, our two countries are opening a new chapter of collaboration in the financial sector, building on our strong foundations in trade and investment.”

He described finance as “the lifeblood of the economy”.

As digital transformation and artificial intelligence reshape global finance, closer cooperation between the two countries has become more important than ever, he said.

He noted that South Korea’s strengths in digital finance, fintech, electronic payments, and financial infrastructure complement Viet Nam’s dynamic market and rapid digital adoption.

Associate Professor Dr Nguyen Huu Huan, vice-chairman of the Viet Nam International Financial Centre in HCM City or VIFC-HCMC, echoed these sentiments, noting that the bilateral relationship has evolved well beyond trade and investment into an ecosystem spanning business, technology, finance, and people-to-people exchanges.

He said Viet Nam’s strong economic growth has enabled the establishment of an international financial centre capable of attracting global capital.

“Rather than simply hosting financial institutions, the VIFC-HCMC is envisioned as an integrated ecosystem connecting international capital, technology, and talent, and fostering innovation through regulatory sandboxes and new financial products,” he said.

“It would prioritise asset management, investment funds, the international capital and bond markets, green finance, fintech, cross-border payments, aviation, and maritime finance.

“South Korea is regarded as one of Viet Nam’s most important partners.

“With its well-developed capital market, sophisticated banking system, advanced technological capabilities, and extensive experience in building financial hubs such as Seoul, Busan and Incheon, South Korea offers expertise that closely aligns with the development goals of the VIFC-HCMC.”

Source: Thestar

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