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Financial Investment Promotion Conference held in South Korea

Released at: 21:01, 19/04/2018

Financial Investment Promotion Conference held in South Korea

Photo: Lan Huong (VET)

Seoul conference on April 18 attracts more than 400 South Korean investors and agency leaders.

by Lan Huong - Linh San

More than 400 South Korean investors and leaders from agencies such as the Korea Financial Supervisory Commission (FSC), the Korea Chamber of Commerce and Industry (KCCI), the Korea Association of Financial Investors (KOFIA), and the Korea Stock Exchange (KRX) attended the Financial Investment Promotion Conference held in Seoul on April 18 and heard directly from financial, securities and insurance leaders in Vietnam. The event was first organized by South Korea’s Ministry of Finance to share information on financial investment in Vietnam.
 
South Korea is now Vietnam’s second-largest trading partner and Vietnam is South Korea’s fourth-largest. As of March, 126 countries and territories had invested in Vietnam, led by South Korea and followed by Japan, Singapore and Taiwan. A series of new free trade agreements have also been signed, including the Vietnam-South Korea Free Trade Agreement (VKFTA).
 
Minister of Finance Dinh Tien Dung said he was pleased that this year’s conference caught the attention of a large number of investors. The attendance of South Korean investors and partners demonstrates their responsibility and dedication to the common goal of building stronger and more prosperous relations between Vietnam and South Korea.


 

The Vietnamese Government aims to complete the equitization of 64 large State-owned enterprises (SOEs) this year and divest capital from 189 enterprises in which the State holds shares. The State will equitize the largest number of SOEs in the 2016-2020 five-year plan, in a range of industries.
 
The government appreciates the role of foreign investors, including South Korean investors, in the process of equitization and divestiture at SOEs. “We want South Korean investors to be strategic partners in equitized enterprises in Vietnam,” Minister Dung said.
 
South Korea is the largest investor in Vietnam, with total direct investment of $59 billion. In terms of indirect investment, Vietnam is keen for South Korean investors to participate at a higher level, because $3 billion in indirect investment and $59 billion of direct investment from South Korea is still short of potential given the opportunities offered by Vietnam’s stock market.
 
Vietnam will equitize hundreds more SOEs by 2020 and divest State capital from others. Its stock market has just opened up a trading floor for derivatives, presenting major opportunities for foreign investors. “We will do what we can to promote professional capital flows from South Korea to Vietnam,” Minister Dung said.
 
On the afternoon of April 17 he held talks with Deputy Prime Minister and Minister of Strategy and Finance Mr. Kim Dong Yeon, where he affirmed that the Ministry of Finance will continue its efforts to boost the Vietnam-South Korea strategic partnership and effectively enhance fields of cooperation in general and financial matters in particular.

On the sidelines of the Financial Investment Promotion Conference, Minister Dung met with Mr. Choi Jongku, Chairman of the Korea Financial Services Committee. Both sides agreed to set up a joint program under which the Commission will provide a consultancy program for Vietnam and provide practical training of Vietnamese officials in financial technology (fintech) and assist the Ministry of Finance in finalizing the legal framework for the management and supervision of the financial market, especially the stock market and the insurance market. Within the framework of activities in South Korea, Minister Dung also met senior leaders from a number of financial corporations in the country.

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