Financial Supervisory Service Hosts Seminar Inviting Vietnam Central Bank to Commemorate 30th Anniversary of Korea-Vietnam Diplomatic Relations

[Asia Economy Reporter Kwangho Lee] The Financial Supervisory Service (FSS) announced on the 21st that it held an online "Vietnam Central Bank Invitation Seminar" to commemorate the 30th anniversary of diplomatic relations between Korea and Vietnam and to support the entry of domestic banks into Vietnam.

This seminar is the second event commemorating the 30th anniversary of Korea-Vietnam diplomatic relations, following the Vietnam anti-money laundering education.

As Vietnam's real economy and financial industry are rapidly growing, domestic companies and financial institutions are actively entering the market. Currently, 45 domestic financial companies (including 11 banks) have already entered Vietnam, and many new branch opening permits are in progress, making it a region of high interest for domestic financial companies.

The seminar was conducted by the FSS introducing Korea's bank supervision and inspection experience related to the introduction of Basel II to the bank supervision officials of the State Bank of Vietnam, followed by the State Bank of Vietnam explaining the supervision and licensing system for foreign banks, and then a Q&A session with executives and employees of domestic banks.

About 50 participants, including overseas business executives and employees of major banks and local branch staff in Vietnam, attended the seminar showing high interest. The attendees evaluated it as a valuable opportunity to hear vivid local information directly from officials and to interact with local financial supervisory authorities.

After the seminar, the FSS exchanged information on recent supervisory issues through practical consultations with officials from the State Bank of Vietnam, conveyed difficulties and suggestions related to licensing and local operations of domestic banks entering Vietnam to the State Bank of Vietnam, and requested close cooperation to resolve these issues.

An FSS official stated, "We plan to continue expanding supervisory authority invitation seminars and practical consultations in regions with high demand for domestic financial companies' entry to effectively support the overseas expansion of domestic financial companies."

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