Jung Eun-bo, chairperson of the Korea Exchange, departed for Vietnam to attend the launch ceremony of the next-generation system for the Vietnamese capital market. Jung plans to visit major institutions in the Thai capital market to strengthen cooperation on the development of information and communication technology (IT) infrastructure.
On the 28th, the Korea Exchange announced that Chairperson Jung Eun-bo and the Financial Services Commission will attend the 'Launch Ceremony of the Next-Generation System for the Vietnamese Capital Market' held at the GEM Center in Ho Chi Minh City.
This event was organized by the Vietnam Securities Commission to celebrate the successful launch of the next-generation system coinciding with the 25th anniversary of the opening of the Vietnamese securities market. Under the active policy support of the Financial Services Commission, the next-generation system for the Vietnamese capital market, overseen by the Korea Exchange, has been operating stably for about three months since its successful launch in May.
The project aims to modernize the entire IT infrastructure of the Vietnamese capital market used by the Ho Chi Minh Stock Exchange (HoSE), the Hanoi Stock Exchange (HNX), and the Vietnam Securities Depository and Clearing Corporation (VSDC), which includes trading execution, market information, market surveillance, clearing and settlement, deposit, and registration systems.
In his speech, Jung noted, "I sincerely congratulate the successful launch of the next-generation system, which will be a new milestone for the Vietnamese capital market," and added, "I hope that the mutual trust built through this project will lead to continued beneficial cooperation between the capital markets of the two countries."
Lee Yoon-soo, a permanent member of the Securities and Futures Commission of the Financial Services Commission, said, "Vietnam is the second country after the United States where Korean financial companies have expanded their presence the most, and now we have left a historic footprint in financial cooperation between the two countries, moving beyond mutual entry and exit to infrastructure collaboration."
The Financial Services Commission and the Korea Exchange believe that the operation of the Vietnamese capital market system based on the Korean model will greatly assist domestic securities firms in entering the Vietnamese capital market. They also expect that export opportunities will expand in the future.
Chairperson Jung Eun-bo plans to meet with Kittyphong Uraphiphatana, chairperson of the Stock Exchange of Thailand (SET), and Asade Kongshiri, chief executive officer, on the 30th to review the status of the contract for the supply of Thailand's next-generation clearing and settlement system, which was signed between the Korea Exchange and the Stock Exchange of Thailand in April, and to discuss continued technological cooperation between the two exchanges.
Additionally, he will meet with Wichit Wichitsorasak, chairperson of the Securities and Exchange Commission of Thailand (SEC), to review the operational status of the market surveillance system constructed and currently operated by the Korea Exchange and to exchange views related to the enhancement of investor protection in the capital markets of both countries.
The Korea Exchange stated that based on Chairperson Jung's business trip, it plans to strengthen the export competitiveness of future ASEAN regional capital market infrastructure development projects.