The Minister of Finance chaired the Vietnam - Korea Financial Investment Promotion Conference

Minister of Finance Ho Duc Phoc delivered the opening speech at the Conference

Attending the Conference, from the Ministry of Finance of Vietnam, there were also Ms. Vu Thi Chan Phuong - Chairwoman of the State Securities Commission (SSC); Mr. Mai Xuan Thanh, Director General of the General Department of Taxation; Mr. Pham Hong Son, Vice Chairman of the State Securities Commission; Mr. Luu Manh Tuong, Deputy Director General of the General Department of Customs.

On the Korean side, there were Mr. Kim Yong Jea, Standing Member of the Korean Financial Services Commission (FSC); Mr. Seo Yoo-Seok, Chairman of the Korea Financial Investment Association (KOFIA); Mr. Yoon Sang Key, Minister Counselor of the Embassy of the Republic of Korea in Vietnam.

In particular, there were nearly 300 businesses from Korea and Vietnam, including financial institutions, banks, investment funds, securities companies and businesses of the two countries attending the Conference.

In his opening speech, Minister of Finance Ho Duc Phoc said that after more than 30 years of officially establishing diplomatic relations, this year is the second year that Vietnam and Korea have implemented the Comprehensive Strategic Partnership. It can be said that the relationship between Vietnam and Korea is growing stronger, becoming more substantive and is in the best period in history. The two countries have truly become each other's most important partners.

The exchanges and contacts between senior leaders of the two countries that have been conducted vibrantly in recent times have not only strengthened political trust between the two countries but also contributed greatly to promoting cooperative relations in fields of trade, investment, culture, tourism, and friendly exchanges between the two peoples; Strengthen cooperation on international and regional forums and on issues of mutual concern.

The Minister shared that in recent years, despite the challenges and difficulties of the global economy, Vietnam has emerged as a country with solid, stable economic growth prospects and controlled inflation. In 2023, GDP growth reached 5.05%, it is expected to grow at about 6-6.5% in 2024, and macroeconomic balances will become more and more sustainable.

Implementing the Socio-Economic Development Strategy, Vietnam continues to focus on implementing 3 strategic breakthroughs, including perfecting and enhancing institutional quality, comprehensively developing human resources and perfecting synchronized economic infrastructure.

To achieve these goals, Vietnam needs to mobilize both internal and external resources, from direct and indirect foreign investment to develop capital markets, stock markets, green economic development, circular economy, promoting digital transformation.

Accordingly, the Minister affirmed that the Investment Promotion Conference aims to create a substantive dialogue channel to help Korean businesses and investors better understand the Vietnamese Government's policy and determination to innovate, and the most importantly, it strengthens Korean investors' confidence in the development potential of the Vietnamese market.

“The Ministry of Finance of Vietnam is committed to accompanying and facilitating businesses of the two countries, working towards the goal of increasing trade turnover between the two countries to 150 billion USD by 2030 in a balanced and sustainable manner. Korea continues to be the leading country in direct investment and indirect investment in Vietnam. Vietnam welcomes Korean businesses to make new investments and expand investment scale in Vietnam," the Minister emphasized.

Chairman of the State Securities Commission shared information at the Conference

At the Conference, Mr. Kim Yong-Jae, Standing Member of the Korean Financial Supervisory Commission, expressed his deep gratitude to Minister of Finance Ho Duc Phoc and the working delegation for organizing the Investment Promotion Conference in Korea to share information and investment opportunities with Korean businesses and believe that the Conference will continue to open up great opportunities for cooperation and development, promoting investment cooperation between Korea – Vietnam.

Mr. Kim Yong - Jae pledged to continue to accompany, strengthen cooperation, share experiences with Vietnamese management agencies, and further strongly promote investment activities of businesses of the two countries.

The conference provided Korean investors with information about the development of Vietnam's stock market, and at the same time, representatives of listed businesses, international organizations, and investment fund management companies shared the growth potential of industries in the stock market, the need for sustainable development capital, green capital of Vietnamese businesses, etc and investment experiences in Vietnam's financial market through the perspective of the Investment Fund Korea.

Also at the Conference, the discussion session took place openly and enthusiastically. Representatives of the Ministry of Finance and the State Securities Commission answered and exchanged views and information with Korean investors on Vietnam's important macroeconomic policies and mechanisms to attract investment into the Vietnamese capital market, green field projects, green finance and the process of upgrading Vietnam's securities from frontier market to emerging market.

On the sidelines of the Conference, in the presence of Minister of Finance Ho Duc Phoc and Leaders of the Korean Financial Supervisory Commission, Chairwoman of the State Securities Commission Vu Thi Chan Phuong and Chairman of the Korean Financial Investment Association Yoo Seok Seo signed a Memorandum of Understanding on Consulting, Cooperation and Technical Support between the State Securities Commission and the Korea Financial Investment Association (KOFIA).

Signing ceremony of Memorandum of Understanding on Consulting, Cooperation and Technical Support between the State Securities Commission

(SSC) and the Korea Financial Investment Association (KOFIA)

This Memorandum of Understanding marks an important milestone in the cooperative relationship between the SSC and KOFIA, expressing the desire for long-term and effective cooperation for the sustainable development of the Vietnamese stock market and Korea. The two sides will continue to increase the exchange of senior leadership delegations as well as professional and technical staff delegations, increase information exchange to support market management and supervision, especially strengthening the role of securities companies in monitoring, facilitating and promoting investment participation of investors and organizations providing securities services between the two countries.