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Strengthening cooperation with JFSA in insurance and securities

16:13 | 21/09/2022

VCN - On the afternoon of September 19, 2022, Deputy Minister of Finance Nguyen Duc Chi met with the Japan Financial Services Agency (JFSA) on strengthening cooperation between the Ministry of Finance of Vietnam and JFSA in the insurance and securities at the headquarters of the Ministry of Finance.

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VCN - On the afternoon of September 19, 2022, Deputy Minister of Finance Nguyen Duc Chi met with the Japan Financial Services Agency (JFSA) on strengthening cooperation between the Ministry of Finance of Vietnam and JFSA in the insurance and securities at the headquarters of the Ministry of Finance.
The meeting

Mr Okada Hiroshi, JFAS Deputy Country Director for Vietnam, Mr Hidaka Yoshihito, First Secretary, Embassy of Japan in Vietnam and representatives of JFSA's units and departments attended the meeting

At the meeting, Deputy Minister of Finance Nguyen Duc Chi highly appreciated the cooperation between the two sides in recent years.

The Deputy Minister said that in the insurance field, JFSA had supported the Insurance Supervisory Authority under the Ministry of Finance in sharing experiences in supervision and management activities for insurance businesses and training, improving professional qualifications for officials of the Authority.

Accordingly, Vietnam and Japan have signed letters of exchange and cooperation activities, including short-term training courses and internships for officials of the Ministry of Finance to share knowledge, experiences and skills in the insurance field and experience in the management of motor vehicle insurance.

In the securities field, JFSA, the State Securities Commission (SSC), and the Ministry of Finance also have broader and deeper cooperation, especially since a number of SSC officials have been sent to JFSA to learn experiences to improve their knowledge in this field.

In 2014 and 2017, the SSC worked with JFSA to organize two Investment Promotion Conferences. The successful organization of these conferences brought many positive results and contributed to the development of Vietnam's securities market, promoting investment flows from foreign investors into Vietnam through the securities market.

At the meeting, Deputy Minister Nguyen Duc Chi also said that the impact of the Covid-19 pandemic in the past two years had affected the cooperation between the two agencies, leading to changes in the cooperation of the two sides. However, the Deputy Minister hoped the two agencies would continue strengthening close cooperation to achieve better results.

The Deputy Minister suggested that JFSA should continue to support Vietnam in the fields of insurance and securities. Besides, the two agencies will continue to organize securities investment promotion conferences as soon as possible, thereby attracting more investment flows from Japanese investors and other investors in the world into Vietnam's stock market.

At the meeting, Mr Okada Hiroshi, JFSA Deputy Country Director for Vietnam, highly appreciated Vietnam's positive results in the securities and insurance sectors in recent years.

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Mr Okada Hiroshi affirmed that JFSA is ready to support Vietnam in implementing the new Law on Insurance Business. He also said that Vietnam's securities sector has achieved certain achievements and contributed significantly to the overall development of the economy. JFSA will continue to support and share with the Ministry of Finance of Vietnam to develop the stock market, promoting cooperation in many fields with Vietnam in the future.
Currently, Vietnam has four insurance enterprises and 01 insurance brokerage enterprises invested by Japanese investors; two have 100% Japanese investment capital.

By Hoai Anh/ Huyen Trang