The State Bank of Vietnam participated in the Vietnam–Korea Financial Cooperation Forum in Hanoi and used the event to formalise new bilateral banking and payments cooperation, including granting the Industrial Bank of Korea (IBK) a licence to establish a 100% foreign-owned bank in Vietnam and witnessing a cooperation agreement between the Korea Financial Telecommunications & Clearings Institute (KFTC) and the National Payment Corporation of Vietnam (NAPAS). Deputy Governor Nguyen Ngoc Canh linked the forum’s focus on “Financial infrastructure – a pillar for growth” to heightened geopolitical and global economic risks, trade and investment fragmentation, and the impact of digital transformation, highlighting the role of modern, safe and efficient financial infrastructure, particularly payment infrastructure, alongside strengthened financial stability safeguards. Discussions covered cross-border payments connectivity, development and modernisation of Vietnam’s payment system, and mechanisms for non-performing loan resolution to support market and financial stability.
State Bank of Vietnam 2026-04-23
State Bank of Vietnam grants Industrial Bank of Korea a licence to establish a wholly foreign-owned bank and witnesses KFTC NAPAS payments cooperation
The State Bank of Vietnam used the Vietnam–Korea Financial Cooperation Forum in Hanoi to formalise new bilateral banking and payments cooperation, licensing Industrial Bank of Korea as a 100% foreign-owned bank in Vietnam and witnessing a payments agreement between the Korea Financial Telecommunications & Clearings Institute and the National Payment Corporation of Vietnam. Deputy Governor Nguyen Ngoc Canh highlighted the need for modern, safe and efficient financial and payment infrastructure amid geopolitical and economic risks, with discussions on cross-border payments connectivity, payment system modernisation and non-performing loan resolution.