Vietnam’s SSC and ASIC signed their first MoU to support information sharing

The Australian Securities and Investment Committee (ASIC) recently signed its first Memorandum of Understanding (MoU) with Vietnam’s State Securities Commission (SSC). The MoU was signed in Sydney on August 2, and its goal is to support information sharing under a formalized capacity-building program.

Details of the new program

The program will be funded by the Department of Foreign Affairs and Trade (DFAT). The MoU was signed by the SSC’s Chairwoman, Madam Vu Thi Chan Phuong and ASUC’s Chair Joe Longo. Multiple senior Vietnamese government officials were also present as witnesses to the event.

In its essence, the agreement outlined a commitment from both parties to engage in enhanced dialogue and technical cooperation. As mentioned, the program is being funded by DFAT, through the Mekong Australia Partnership (MAP).

The focus will be on improving the regulatory system and capital market resilience in Vietnam. This will include improving technical cooperation between the countries, as well as sharing information and addressing a number of mutual interests. The end goal of the program is to ensure orderly, fair, and transparent markets.

Vietnam’s representative, Madam Vu Thi Chan Phuong, said that the Memorandum of Understanding is a big step in the right direction, as it reflects a positive, collaborative relationship between the two agencies. Its aim is to support the development of securities markets, as well as overall prosperity in both Australia and Vietnam.

Strengthening the ties between Australia and Vietnam

ASIC’s Chair Joe Longo also commented on the importance of the signing, stating that the engagement demonstrates the strength of the existing ties between the two countries. The same is true when it comes to Australia’s and Vietnam’s mutual dedication to fostering cooperation and development of their respective capital markets.

Longo added that ASIC is fully prepared to provide any sort of technical assistance, training, or knowledge that would help enhance Vietnam’s regulatory capabilities and infrastructure.

Vietnam’s Consul-General Nguyen Dang Thang was also in attendance as one of the witnesses, being a senior representative from the Vietnamese government. Apart from the signing of the MoU, the event also included a bilateral meeting between the regulators, during which the attendees discussed current domestic and international regulatory issues.

They also spoke on the implementation of upcoming activities that will come as part of the program.