Seoul: South Korea and Vietnam have reached an agreement to enhance cooperation in the financial sector, with a particular focus on the stock market system through exchanges of policy experiences and related knowledge, as announced by Seoul's financial regulator.

According to Yonhap News Agency, the agreement was made during a meeting in Seoul between Financial Services Commission (FSC) Vice Chairman Kwon Dae-young and Vietnam's Deputy Finance Minister Nguyen Duc Chi. The discussions emphasized the importance of collaboration in the insurance and financial technology sectors. The two nations have been working closely to develop IT systems for Vietnam's financial market.

In 2016, South Korea secured a $28.7 million deal to upgrade the technological infrastructure for Hanoi's stock and financial derivative markets. This next-generation financial IT system has been fully operational since May.

In a separate meeting earlier this month in Seoul, President Lee Jae Myung and Vietnam's top leader To Lam highlighted the need to strengthen bilateral trade and financial cooperation. Both leaders agreed to take measures to increase their bilateral trade volume to $150 billion by 2030. Currently, Vietnam is South Korea's third-largest trading partner, hosting approximately 10,000 Korean companies, with a bilateral trade volume of $86.7 billion in 2024.