Banking Association Hosts Seminar with Vietnam Banking Association and Invited Banks

▲Cho Yong-byeong, Chairman of the Korea Federation of Banks (third from the right in the front row), is taking a commemorative photo with seminar attendees including Nguyen Quoc Hung, Vice Chairman of the Vietnam Banks Association (third from the left in the front row). Photo by Korea Federation of Banks

The Korea Federation of Banks announced on the 14th that it hosted a seminar for the Vietnam Banks Association and a banking delegation visiting Korea, focusing on topics such as Korea's economic trends, banking industry, and credit information industry.

This seminar was organized as part of efforts to promote goodwill between the Korea and Vietnam Banks Associations, aiming to enhance understanding of Korea's financial industry and explore areas of cooperation between the two countries to strengthen their relationship.

At the seminar, the Korea Institute of Finance presented on "Recent Economic Trends and the Current Status of the Banking Industry in Korea," discussing the current state and implications for the banking sector. Lee Si-yeon, a research fellow at the Korea Institute of Finance, stated, "Domestic banks are now at a point where they must respond to declining profitability amid a falling interest rate environment," adding, "In the long term, growth strategies addressing population decline and aging are necessary."

Additionally, the Credit Information Service presented on "Introduction to Korea's MyData," sharing the current status and achievements of the MyData industry. Choi Kwang-seok, a senior investigator at the Credit Information Service, introduced the overview, structure, business models, and past performance and achievements of the domestic MyData industry.

Cho Yong-byeong, chairman of the Korea Federation of Banks, said, "Going forward, the Federation will continue to strengthen exchanges and cooperation with foreign banks associations and related organizations," adding, "We plan to widely promote Korea's financial industry and advanced financial infrastructure while actively supporting domestic banks' overseas expansion."

Meanwhile, the Korea and Vietnam Banks Associations have maintained exchanges since signing an MOU in November 2014. In March of this year, they held a meeting between association heads in Hanoi, actively maintaining their cooperative relationship.

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