KAMCO Strengthens Cooperation with Vietnam on Non-Performing Loan Management

Korea-Vietnam Financial Cooperation Forum Serves as Turning Point
Laying the Foundation for Exporting Financial Infrastructure

On April 27, Korea Asset Management Corporation (KAMCO) announced that it has decided to strengthen cooperation with Vietnam on the management of non-performing loans, using the 'Korea-Vietnam Financial Cooperation Forum' and the 'Korea-Vietnam Business Forum' held in Hanoi, Vietnam on April 23 as an opportunity.

The forum was organized to allow Korea and Vietnam to share their experiences in the financial sector and identify practical areas for cooperation. KAMCO participated as part of the economic delegation during President Lee Jaemyung's visit to Vietnam, introducing Korea's advanced financial techniques and cementing the partnership between the two countries.

During the Korea-Vietnam Financial Cooperation Forum, KAMCO gave a presentation on "Advancing the System for Resolving Non-Performing Loans in Vietnam to Ensure Financial Market Stability." Drawing upon its extensive experience in non-performing loan management, KAMCO proposed measures to enhance the soundness of the Vietnamese financial market. The Vietnamese side also agreed on the need to introduce a system for resolving distressed assets and discussed ways to promote bilateral cooperation on this initiative.

At the subsequent Korea-Vietnam Business Forum, KAMCO signed a supplementary agreement to the business agreement with Vietnam Asset Management Company (VAMC). This agreement specifies the scope of cooperation under the previously signed comprehensive business agreement. Both organizations have agreed to cooperate in modernizing and digitizing Vietnam's non-performing loan resolution system and in establishing a financial distress management framework based on market principles.

KAMCO expects that through this cooperation, Korea's advanced financial systems and techniques will be incorporated into Vietnam's financial system, thereby contributing to the strengthening of the financial safety net. The company also expects this initiative to help domestic financial companies enter the Vietnamese non-performing loan market.

Jung Junghoon, President of KAMCO, said, "KAMCO has actively shared its accumulated experience and expertise to support the development of the Vietnamese financial market," adding, "We will continue to identify and expand cooperation measures that will bring tangible benefits to both countries."

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