Vietnam seek stronger securities ties with Korea

Korea Financial Investment Association Chairman Kwon Yong-won, front row seventh from left, applauds with Vietnam's Deputy Prime Minister Vuong Dinh Hue, front row sixth from left, and CEOs of securities firms during their partnership event at the association's office on Yeouido, Seoul, Thursday. / Courtesy of Korea Financial Investment Association

By Jhoo Dong-chan

Vietnam's Deputy Prime Minister Vuong Dinh Hue visited the Korea Financial Investment Association (KOFIA) to discuss an investment partnership and cooperation with Korea, the agency said Thursday.

Along with Vietnam's deputy prime minister, 30 high-ranking government officials and corporate tycoons joined the event on the day to explain the Southeast Asian country's plan to develop its stock market and government policies to attract foreign investment.

In return, CEOs of Korea's securities firms shared their global investment strategies as well as their specific interests in Vietnam's capital market.

“We sensed the Vietnamese government's high expectation about Korea's capital market through the event with Deputy Prime Minister Vuong Dinh Hue,” KOFIA Chairman Kwon Yong-won said.

“KOFIA will sign an MOU with the State Securities Commission of Vietnam in November, accelerating the two countries' capital cooperation.”

Vietnam has maintained an economic growth rate of over 6 percent since 2014, and is highly likely to mark 7 percent this year, according to the International Monetary Fund.

In September 2017, the Vietnamese government eased related regulations about foreign investment in the country's stock market to encourage the inflow of foreign capital. It also established a derivatives market in August.

Reflecting the Southeast Asian country's rapid growth, domestic firms are expanding their investments in the Vietnamese market.

According to KOFIA, 16 Korean capital firms operated 18 corporate bodies and offices in the country as of end of March, up 38 percent from 2017.