Under the framework of the investment promotion program in Korea by the delegation from the Ministry of Finance, the State Securities Commission (SSC), on the afternoon of March 7, 2024, in Seoul, Korea, Chairwoman of SSC Vu Thi Chan Phuong had a working session with Mr. Lee Bok-hyun, Governor of the Financial Supervisory Service of Korea (FSS). The working session was also attended by leaders from the International Cooperation Department, the Vietnam Stock Exchange, the Ho Chi Minh Stock Exchange, and the Hanoi Stock Exchange.
Overall view of the working session
In her speech at the working session, Chairwoman Vu Thi Chan Phuong expressed her gratitude to the Financial Supervisory Service of Korea and the FSS representative office in Vietnam for their enthusiastic support in organizing the investment promotion conference in Seoul to connect Korean investors with the Vietnamese capital market. The conference was successful, attracting more than 200 delegates from investment funds, securities companies, and Korean enterprises.
Chairwoman Vu Thi Chan Phuong stated that Korea is currently one of the three largest direct and indirect investors in Vietnam. She also affirmed that the Vietnamese Government, as well as the Ministry of Finance and SSC, have created the best conditions for foreign investors in general and Korean investors in particular to invest in the Vietnamese capital market.
Chairwoman of SSC (fourth from right) and Governor of the Financial Supervisory Service of Korea Lee Bok-hyun (fifth from right) taking commemorative photos
Chairwoman Vu Thi Chan Phuong mentioned that the Vietnamese capital market has made remarkable strides in recent years. In 2001, there were only 3 listed stocks, but now the market has reached 1,600 listed companies trading on 2 stock exchanges. The market capitalization has reached $270 billion, accounting for 63% of the GDP. The number of investors participating in the stock market is also increasing, with about 7.4 million investor accounts, accounting for 7.2% of the population. Currently, FTSE Russell is tracking the upgrade of the Vietnamese stock market from the frontier market to the emerging market.
Regarding the participation of Korean companies in the Vietnamese stock market, Chairwoman Vu Thi Chan Phuong also happily shared with Governor Lee Bok-hyun the business activities of 3 fund management companies and 8 securities companies from Korea that are providing securities services to investors in Vietnam and abroad. In 2023, 2 securities companies were among the top 10 brokerage market share in the normal operation of the Vietnam stock market among 82 securities companies.
At the meeting, Chairwoman Vu Thi Chan Phuong highly appreciated the support of the Financial Services Commission of Korea in general and FSS in particular. She also expressed the desire to continue receiving support in training, sharing market surveillance experience, and strengthening information sharing between the capital markets of the two countries.
Chairwoman of SSC Vu Thi Chan Phuong presenting commemorative gifts to Governor of the Financial Supervisory Service of Korea (FSS)
In her speech at the working session, Mr. Lee Bok-hyun, the Governor of FSS, stated that there are currently many retirement funds, investment funds, and investors interested in investing in the Vietnamese stock market. The Korean Government also encourages businesses, financial institutions, and banks to invest abroad, and FSS provides strong support to promote investment by Korean enterprises in neighboring markets and Vietnam. Mr. Lee Bok-hyun emphasized that FSS and the Korean Government hope that the Korean capital market as well as Vietnam will continue to enhance cooperation and support each other, in order to promote stable development. FSS is ready to cooperate with SSC Vietnam in implementing bilateral activities and sharing experiences between the two securities management and market surveillance agencies.
At the working session, the two sides exchanged and provided a wealth of information and experiences in the management, supervision, inspection, and examination of the securities sector and the operation of the securities market.
