Vietnam and South Korea are expanding their cooperation from manufacturing and trade to finance, digital technology, and green finance. The Ho Chi Minh City International Financial Center (VIFC-HCMC) has identified South Korean financial institutions and tech companies as key partners, with capital procurement, payment network integration, fintech, workforce training, and green project investment emerging as major agenda items.
On July 13, local media, including Saigon Liberation Newspaper, reported that the VIFC-HCMC and the Consulate General of the Republic of Korea in Ho Chi Minh City held a Vietnam-South Korea Financial Cooperation Forum to discuss long-term collaboration. The forum emphasized that the relationship between the two countries is evolving beyond manufacturing and trade to encompass finance, technology, workforce, and supply chain connections.
Kwon Tae-han, Deputy Consul General of the Republic of Korea in Ho Chi Minh City, noted the significance of discussing cooperation directions among experts at the official launch of the VIFC-HCMC. He highlighted the notable economic achievements between Vietnam and South Korea since the establishment of diplomatic relations in 1992 and explained that they are advancing to a deeper level of financial cooperation based on their comprehensive strategic partnership.
Nguyen Huu Huan, Deputy Director of VIFC-HCMC, stated, "VIFC-HCMC is not just a space for gathering financial institutions; it aims to connect international capital, technology, and talent while testing new financial models in a controlled manner and directly supporting businesses and real economy projects."
The VIFC-HCMC focuses on asset management, investment funds, international capital markets, bond markets, green finance, digital finance, fintech, cross-border payments, aviation finance, and maritime finance. It also plans to develop support services such as credit rating, accounting, legal consulting, arbitration, education, and research to establish Ho Chi Minh City as a major financial hub in ASEAN.
Huan added, "The goal is to create a gateway that more effectively connects international capital with Vietnam's development needs while making Ho Chi Minh City an important financial intermediary in ASEAN." He described South Korea as a crucial partner with a developed capital market, modern banking system, high technological capabilities, and experience in establishing financial centers in Seoul, Busan, and Incheon.
The financial cooperation tasks proposed by VIFC-HCMC are organized into five areas. The center first suggested expanding participation from South Korean banks, securities firms, asset management companies, and institutional investors. It also identified the development of international currency-based funding channels for Vietnamese companies and infrastructure projects as a key area of collaboration.
Additionally, both sides discussed connecting payment systems and expanding cross-border QR payments, remittances, trade finance, and corporate cash flow management. The scope of cooperation also includes fintech, artificial intelligence in finance, big data, digital identity verification, anti-money laundering, and sandbox model development. Workforce training was addressed as a separate task, with VIFC-HCMC aiming to cultivate advanced financial talent through educational programs, expert exchanges, and joint research by connecting universities, research institutions, and professional organizations in Vietnam and South Korea.
In the green finance sector, the synergy between South Korea's technological capabilities and Vietnam's funding needs was highlighted. South Korea excels in clean technology, renewable energy, batteries, smart transportation, and digital infrastructure, while Vietnam requires substantial capital to implement energy transition and achieve net-zero emissions goals.
VIFC-HCMC sees itself as a platform that can support the structuring, evaluation, acquisition, distribution, and trading of green finance products. This approach aims to connect South Korean capital with high-quality projects in Vietnam and utilize green bonds, sustainable bonds, investment funds, and project finance structures as collaboration tools.
Lee Yong-jik, head of the Korea-ASEAN Financial Cooperation Center, stated, "Vietnam's recent development speed is closely linked to the timely execution of fiscal policies," adding that South Korean investors are deeply impressed by Vietnam's continuous economic growth, strong export base, and stable ability to attract foreign direct investment. He noted that Vietnam is emerging as a strategic platform in the global supply chain, particularly in semiconductors and digital transformation, beyond being a manufacturing base for investment relocation. He anticipates that more South Korean companies will invest in Vietnam, and Vietnamese firms will engage more deeply in the global supply chain.
Deputy Consul General Kwon remarked, "Vietnam is a dynamically growing economy with a very high capacity for adopting digital technologies," emphasizing that finance is a key foundation for corporate growth and that the combination of finance and digital technology will create strong synergies that provide convenient services to the public.
Furthermore, the South Korean side expressed its commitment to continue working with Vietnamese authorities and businesses to translate policy commitments into concrete cooperation projects. VIFC-HCMC also stated it is ready to serve as a central hub connecting relevant institutions, receiving product proposals, coordinating pilot projects, and supporting investors.
Meanwhile, discussions on financial cooperation between Vietnam and South Korea are expanding from existing investment and trade relations to include digital finance, green finance, international capital procurement, and workforce training. VIFC-HCMC is expected to play a prominent role in connecting South Korean financial institutions and tech companies with Vietnam's development needs in this process.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.