South 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 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 been in close cooperation for 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 this year.
In a meeting held earlier this month in Seoul, 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 South 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)
