Korea Development Bank wished to cooperate with Vietnam

Scene of the meeting

Speaking at the meeting, Minister Dinh Tien Dung gave a general introduction on the situation of bilateral cooperation between Vietnam and South Korea in economics, trade, investment, education, culture and sports and tourism, of that he affirmed that the Ministry of Finance of Vietnam continued putting its efforts to promote the Vietnam-Korea strategic partnership.

The minister said he believed the relationship between the two sides still holds great potential, especially when KDB is looking to expand globally through expanding core values ​​and influence outside South Korea to pursue its strategic plan in the new policy of towarding the South of the Korean government, the minister hoped that KDB can act as a bridge to concretise financial cooperation between the two countries, supporting businesses/economic organisations in Vietnam to expand and integrate into global supply chains based on KDB's network.

According to the minister, the Prime Minister of Vietnam has approved the project on restructuring Vietnam Development Bank (VDB) with the key tasks of organisational structure, operational and financial restructuring, improve the work of administration, internal management, as well as handling bad debts and improve credit quality. However, to carry out a series of these key tasks, in the future, it will need a lot of human resources in both knowledge and experience in the field of banking, financial policy as well as financial resources. Therefore, according to the minister, cooperating with KDB in the restructuring of VDB is the top priority and desire of both the Ministry of Finance of Vietnam and VDB.

According to the minister, in the previous period, the Ministry of Finance of Vietnam has made initial steps to cooperate with KDB within the framework of the Vietnam-Korea Knowledge Sharing Programme (KSP). However, the cooperation has just stopped at exchanging knowledge. Therefore, the minister said that a memorandum of understanding would be signed soon, thereby the cooperation between KDB and the Ministry of Finance as well as VDB would enter a new era, bringing benefits to the parties in particular, as well as the two countries in general.

In response, Lee Dong Gull said that KDB could share its lessons, thereby helping VDB increase operational efficiency, and creating a model of mutual assistance and mutual development, contributing to creating future development plans.

“The early signing of the memorandum of understanding between KDB and the Ministry of Vietnam Finance would be a solid basis for KDB to gain more confidence to expand cooperation opportunities with Vietnam. I hope that the contents of the cooperation agreement between KDB and the Ministry of Finance of Vietnam, if it put on the agenda of the Korea-ASEAN Summit in late November 2019, it would create a consolidated basis for the cooperation of the two sides," Lee Dong Gull stated.

Besides that, KDB is also committed to sharing experience, providing technical assistance, assigning experts to conduct research and advice on issues related to the restructuring process, improving capacity, roles and consolidated the structure of VDB's business organisation. Thereby, KDB wished to contribute to the process of improving Vietnam's financial capacity and contributing to the development of Vietnam.