Park Min-woo, Standing Commissioner of Korea's Financial Services Commission, attended financial cooperation forums in Vietnam on May 13 and Australia on May 15, the Financial Services Commission announced on May 19. The forums focused on sharing financial policy experiences and exploring cooperation opportunities between Korea and the two countries. Korea discussed its financial center development strategies with Vietnam and examined infrastructure financing collaboration with Australia.
Park Min-woo Discusses Financial Center Development at Korea-Vietnam Forum
Park attended the Korea-Vietnam Financial Cooperation Forum in Ho Chi Minh on May 13. In his remarks, Park stated that "to enhance the competitiveness of the financial industry, which is the foundation of real economic development, Korea and Vietnam must share each other's excellent cases, complement shortcomings, and create synergy effects."
During the financial center development session, Korea shared its policy experiences with Vietnam's Ho Chi Minh and Da Nang international financial center projects, as Seoul and Busan have gained recognition for their competitiveness. The two countries reviewed the status of financial cooperation tasks discussed in April, including QR payment linkage and export of Korea's non-performing loan (NPL) resolution system, and explored expansion measures.
Korea-Australia Forum Addresses Financial Stability and Digital Transformation
Park attended the Korea-Australia Financial Cooperation Forum in Sydney on May 15. The forum covered topics including high-level dialogue on financial stability and long-term financial security, housing finance, capital allocation and financial stability, retirement income security systems, and digital transformation and artificial intelligence (AI). Both countries agreed to continue sharing policy experiences across various fields and maintain financial cooperation.
Korean Financial Firms Report Infrastructure Financing Opportunities in Australia
Park visited Korean financial institutions and companies operating in Australia and listened to their views. Financial firms explained that Australia is a market with significant funding demand due to large-scale infrastructure projects in transportation, energy, and mining.
The Korea Development Bank stated that it has applied for a banking license to convert its Sydney office into a branch, noting that once established, the branch can play a key role in providing policy financing for Korean companies' local projects requiring large-scale, long-term funding. Park also visited Samsung C&T and POSCO International.
Park emphasized that "at a time when it is important for finance to secure economic growth momentum in the global market through overseas expansion in line with the radius of companies' growth stages, productive finance is a cross-border policy agenda."
FAQ
What did Park Min-woo discuss at the Korea-Vietnam forum on May 13?
Park discussed financial center development strategies and shared Korea's policy experiences with Vietnam's Ho Chi Minh and Da Nang international financial center projects. The forum also reviewed financial cooperation tasks including QR payment linkage and export of Korea's non-performing loan resolution system.
What opportunities did Korean financial firms identify in Australia?
Korean financial firms reported that Australia has significant funding demand due to large-scale infrastructure projects in transportation, energy, and mining. The Korea Development Bank applied for a banking license to establish a branch in Sydney to provide policy financing for Korean companies' local projects.
