Vietnam, S. Korea eye deeper financial cooperation through VIFC-HCMC

Speaking at the Vietnam-South Korea Financial Cooperation Forum on Monday, jointly organized by VIFC-HCMC and the Consulate General of South Korea in Ho Chi Minh City, Assoc. Prof. Nguyen Huu Huan, vice-chairman of the VIFC-HCMC Executive Board, said South Korea remains one of Vietnam’s most important economic partners.

During the first two months of 2026, South Korea was Vietnam’s largest investor, with US$1.34 billion in newly registered capital, accounting for nearly 38 percent of total new FDI.

Over 10,000 South Korean projects are active in Vietnam, alongside growing people-to-people exchanges with more than 4.3 million South Korean visitors traveling to Vietnam in 2025.

The expanding investment, trade, and tourism ties have also increased demand for stronger financial connectivity between the two countries.

VIFC-HCMC is designed to serve as a gateway linking international capital with Vietnam’s development needs, helping position Ho Chi Minh City as a key financial hub in ASEAN.

He added that South Korea has been identified as a strategic partner because of its mature capital markets, modern banking system, and extensive experience in developing international financial centers.

Kwon Tae Han, Deputy Consul General of South Korea in Ho Chi Minh City, said the forum was held at the right time as VIFC-HCMC begins operations.

Early discussions between experts from both countries would help pave the way for long-term financial cooperation projects, he said.

Amid rapid advances in digital transformation and artificial intelligence, Kwon said Vietnam and South Korea should strengthen institutional coordination, financial infrastructure and market connectivity to help businesses expand investment and improve access to secure and convenient financial services.

Notably, cross-border QR code payments emerged as one of the forum’s key discussion topics.

Huan said that cross-border payment services launched by several businesses and financial institutions remain fragmented.

VIFC-HCMC is working to develop regulatory frameworks and serve as a bridge connecting domestic and international payment systems to expand cross-border payment services.

Kim Yun Sik, head of International Payment Infrastructure at the Korea Financial Telecommunications and Clearings Institute, said the demand for cross-border QR payments between Vietnam and South Korea has been growing rapidly, driven by stronger economic, cultural, and tourism exchanges.

QR payments help reduce transaction costs, allowing direct currency transactions without USD mediation as well as enabling small merchants to accept digital payments without investing in point-of-sale terminals.

Kim added that many South Korean financial institutions are interested in developing a cross-border QR payment ecosystem with Vietnam to make payments and shopping more convenient for people in both countries.