Korea Federation of Banks to deepen financial and banking cooperation with Vietnam Banks Association; plans new MOU for early next year

【HANOI, Vietnam—Correspondent Kim Jun-seok】The Korea Federation of Banks (KFB) and the Vietnam Banks Association (VNBA) have begun selecting priority areas for cooperation, with a view to signing a new memorandum of understanding (MOU) early next year, as they seek to substantially deepen practical cooperation in finance and banking.
According to local media and other sources on the 14th, Cho Yong-byoung, chairman of the Korea Federation of Banks, visited the Vietnam Banks Association (VNBA) headquarters in Hanoi on the 13th and met with Dao Minh Tu, the VNBA’s vice chairman and secretary-general.
Cho emphasized at the meeting, “The Korea Federation of Banks has been signing agreements with relevant institutions in countries across Asia, and Vietnam is a key partner with which we seek to pursue the broadest, most concrete and closest cooperation.”
Cho added, “The Korea Federation of Banks has built a cooperation network with around 40 professional institutions and organizations in related fields, including finance, technology and credit. We will actively serve as a bridge by connecting suitable Korean partner institutions to meet Vietnam’s needs and holding seminars and forums on specific topics.”
In response, Tu, the VNBA secretary-general, said that the financial and banking industries of Korea and Vietnam share many similarities. He noted, “Korea’s accumulated experience in fintech, risk management, handling non-performing loans and deposit insurance, as well as its experience in developing modern financial fields such as digital transformation, big data and artificial intelligence (AI), provides highly practical reference points for Vietnam’s financial sector.”
Tu also added that he hoped future cooperation programs would enable in-depth exchanges not only in fintech, AI, digital finance and digital credit, but also on Korea’s related supervisory and management systems and policies.
At the meeting, both sides also agreed on the important role played by Korean financial institutions operating in Vietnam, including Shinhan Bank and Industrial Bank of Korea, in facilitating investment fund flows, supporting local small and medium-sized enterprises, and contributing to the development of digital banking models.
The two organizations also agreed to review their existing cooperation, select priority areas and prepare a draft of a new MOU. They plan to continue consultations with the aim of signing the agreement early next year.
[email protected] Kim Jun-seok Reporter