Việt Nam, Singapore promote cooperation in stock market

Representatives of the Vietnamese and Singaporean Ministries of Finance at the signing ceremony of the MoU between VNX and SGX. — VNA/VNS Photo

SINGAPORE — The Vietnam Stock Exchange (VNX) and the Singapore Exchange (SGX Group) on August 5 signed a Memorandum of Understanding (MoU) on boosting their communication channels to promote their relations and serve the interests of the Vietnamese and Singaporean stock markets.

The MoU was signed under the witness of Vietnamese Minister of Finance Hồ Đức Phớc, Vietnamese Ambassador to Singapore Mai Phước Dũng and Singaporean Second Minister of Finance Chee Hong Tat during the visit to Singapore by a delegation of the Vietnamese Ministry of Finance.

Under the MoU, the two sides will share information related to the domestic market structure, including legal framework, market information, and information provision services. They will also share experiences in market surveillance, member supervision in the stock market, derivatives market and legal framework for cross-listing activities.

They will develop and promote corporate governance activities, including sharing experiences in establishing best corporate governance rules and practices for listed companies and institutional investors; support and improve the level of monitoring compliance with the SGX and VNX’s listing regulations, and promote the image of listed companies on the Vietnamese and Singapore stock markets.

In addition, based on the full consideration of relevant legal frameworks depending on the time of exchange, they will seek cooperation opportunities, including potential for product development and listing on the stock market and derivatives market.

Loh Boon Chye, Chief Executive Officer (CEO) of the SGX Group, said that the Vietnamese stock market was a bright spot in Southeast Asia and Asia.

Global investors were also observing and recognising the development of the Vietnamese market, he said, adding that investors expected to be able to support the development of the Vietnamese stock market and benefit from that development.

To do this, he suggested Việt Nam needed to make efforts to ensure the standards and norms of the stock market in the region. — VNS