Joint Media Release By MAS and Vietnam MOF/SSC
Singapore, 2 April 2007...The Monetary Authority of Singapore (MAS) and Vietnam Ministry of Finance (MOF) and its State Securities Commission (SSC) have jointly launched the Vietnam-Singapore Listing Preparatory Programme in Hanoi. The launch was officiated by Singapore’s Minister for Trade and Industry and Deputy Chairman of MAS, Mr Lim Hng Kiang, and Vietnam’s Minister for Finance, Mr Vu Van Ninh.
2 The Listing Preparatory Programme is the first joint collaboration between the governments of Vietnam and Singapore to prepare Vietnamese companies for cross-border listings in international markets. It takes place under the Vietnam-Singapore Connectivity Agreement signed between the two countries in December 2005. The Agreement provides for MAS to work closely with the relevant Vietnam authorities to support the efforts of Vietnamese companies in tapping international capital markets.
3 The Programme includes training of Vietnamese companies preparing for a listing on corporate restructuring, corporate governance, international listing requirements, accounting standards, amongst others. It will be conducted on 2 and 3 April in Hanoi and in Ho Chi Minh City on 4 and 5 April 2007. The Singapore Exchange (SGX) has partnered with investment bank Credit Suisse, as well as with Ernst & Young, Allen & Gledhill, YKVN Lawyers and DBS on this first programme.
4 Minister Vu said “Within the implementation framework of the Vietnam-Singapore frame agreement on economic connectivity approved by the two Prime Ministers, the MOF in coordination with the MAS has carried out the cooperation program between the two authorities, including a supportive program for potential Vietnamese enterprises, who has involved in the listing activities on the regional and international stock markets. This conference will be considered as the very starting step within the framework of the aforementioned supportive program. During the conference, a range of issues related to how Vietnamese companies could list their shares on the regional and international stock markets will be provided by the experts from the two sides.”
5 Minister Lim said, Vietnam is one of Asia’s fastest growing economies. The Vietnam-Singapore Listing Preparatory Programme marks a significant milestone in the building of closer government-to-government relations between Vietnam and Singapore. We are excited about this partnership and look forward to working with Vietnam to build up its capital markets and specifically allow Vietnamese companies to access the international investor community from Singapore.
6 To further cement the strong relations between the two countries, Minister Lim and Minister Vu today also witnessed the signing of a Memorandum of Understanding between SGX and Hanoi Securities Trading Center (Hanoi STC) to promote greater collaboration and information sharing between the respective exchanges. (Please refer to SGX’s press release for details on the MOU.)