CIC participates in CIFC's "Knowledge Sharing Initiative" program.

Attending the program were Mr. Nguyen Vu Tung, Vietnamese Ambassador to South Korea; Mr. Park Jong-Kyu, Chairman of the Korea International Finance Cooperation Council (CIFC); delegations from the State Bank of Vietnam, the Ministry of Finance , CIFC; Korean financial institutions; public and private credit information organizations in South Korea; and members of CIFC.

CIFC was established by the International Financial Cooperation Working Group (CIFC), which currently has 24 members operating in the fields of Finance and Credit, Capital Markets, Insurance and Guarantees, and Financial Infrastructure.

The "Knowledge Sharing Initiative" is an annual program organized by CIFC, inviting members and international partners to participate in order to strengthen relations between Korea and other countries.

Mr. Le Anh Tuan - Deputy General Director of CIC, presenting at the workshop. Photo: Thien Truong

On October 30, 2023, the delegation participated in the "Vietnam-Korea Financial Cooperation" workshop with the themes "Practices of the Vietnamese Financial Market" and "Some Recent Activities of Vietnam-Korea Financial Cooperation".

Here, Mr. Le Anh Tuan gave a presentation titled "Promoting Credit Information Activities in Vietnam – A Perspective on Enhancing Vietnam-Korea Cooperation". He highlighted the formation, development, and achievements of the credit information system in Vietnam, as well as the current legal framework affecting the operations of organizations in this field.

At the same time, he also highly appreciated the participation of Korean financial institutions in Vietnam in building and developing Vietnam's financial infrastructure in general and the credit information system in particular.

He also affirmed that CIC has been and will continue to expand its database and promote the application of new technologies to develop value-added products, better meeting the diverse needs of customers, and especially contributing to promoting the safe and sustainable development of Korean financial institutions in Vietnam.

Photo of the delegation at the headquarters of the Korea Federation of Banks (KFB). Photo: Thien Truong

Over the next three days, the delegation worked with several CIFC member partners, including the Korea Banking Association (KFB), Industrial Bank of Korea (IBK), Financial Security Institute (FSI), Seoul Guarantee Insurance (SGI), KCB Credit Information Company, NICE Information Services Company, and the Korea Credit Information Service (KCIS).

The parties exchanged views on issues of interest such as: credit granting activities for small and medium-sized enterprises; introduction of guarantee insurance activities and the role of credit information systems in guarantee insurance activities; the Korean credit information system and credit information activities of service providers in the digital finance era, innovative finance to promote financial inclusion, telecommunications scoring activities (Telco); development of cybersecurity control systems to promote sustainable innovative digital finance…

The delegation visited and worked at the KCB headquarters. Photo: Thien Truong

“This trip is a good opportunity for Korean financial institutions and partners to understand the development and current state of Vietnam's financial infrastructure. It also helps the delegation from the State Bank of Vietnam, the Ministry of Finance, and CIC to grasp the new development trends of Korean financial, insurance, and banking institutions, their needs, and proposed recommendations to support business development in Vietnam.”

"The parties also gained a better understanding of each other's operations, thereby exploring opportunities for future cooperation in Vietnam," Mr. Tuan shared after returning from his business trip.

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