Seoul: South Korea’s central bank announced that it has signed a renewed memorandum of understanding (MOU) with its Vietnamese counterpart, the State Bank of Vietnam, to enhance their bilateral partnership.
According to Yonhap News Agency, the updated MOU, originally signed in 2004, is designed to foster deeper cooperation in areas such as monetary policy and currency issuance. The Bank of Korea (BOK) highlighted that both parties have agreed to facilitate exchanges through working-level meetings, in addition to ongoing workshops and seminars. The BOK emphasized that this renewal lays a crucial foundation for strengthening cooperation between the two central banks and aims to bolster the strategic partnership between South Korea and Vietnam.
Further, the Financial Supervisory Service (FSS) of South Korea has entered into a separate agreement with the State Securities Commission of Vietnam (SSC) to enhance collaboration by sharing expertise and experiences in capital market oversight. Under this agreement, both regulatory bodies aim to modernize securities market regulation and supervision, and advance financial product development. They have also committed to conducting joint training programs and organizing seminars and conferences to improve mutual understanding of each other’s capital markets. The FSS stated its intention to continue strengthening ties with the Vietnamese regulatory authority to support Korean financial institutions’ expansion and operations in Vietnam.