Vietnam, Australia boost securities industry partnership
In a significant step towards fostering closer ties within the securities industry, the State Securities Commission of Vietnam (SSC) and the Australian Securities and Investments Commission (ASIC) have signed a crucial Memorandum of Understanding (MOU). The official ceremony, which took place in Sydney, Australia, on August 2, marks a milestone in the collaborative journey between the two regulatory authorities.
ASIC Chairman, Joseph Longo, hailed the occasion as a “pivotal moment” for the two countries’ regulatory entities. The signing celebrates not just the longstanding relationship but also a mutual dedication to nurturing cooperation and encouraging the development of capital markets in both Vietnam and Australia.
The MOU paves the way for the establishment of formal channels for information exchange, enhancing technical cooperation in market supervision, and sharing of best practices to strengthen investor protection efforts. Longo emphasized this agreement as reflective of ASIC’s intent to back Vietnam’s economic growth and capacity enhancement initiatives.
“The ASIC commits to ongoing capacity-building support for the SSC, offering technical assistance, training programmes, and infrastructure enhancements,” Longo mentioned, acknowledging the robust economic advancements Vietnam has shown. He conveyed optimism about Vietnam’s capital market growth and development, viewing the MOU as a foundation stone for a renewed partnership aimed at supporting a thriving capital market under stringent supervisory frameworks.
On the other side, Vu Thi Chan Phuong, Chairwoman of the SSC, underscored the significance of the Vietnamese stock market as a vital source of both short and long-term capital for businesses and the broader economy. She highlighted the market’s attraction to investors from Australia and other regions. Phuong expressed gratitude towards the Australian government for its financial support towards the Joint Capital Markets Programme (J-CAP) by the World Bank. The programme aids Vietnam in meeting market criteria, boosting training activities, and enhancing capacity building and exchange programmes.
“The MoU signed today between the ASIC and the SSC exemplifies a robust cooperative bond, enhancing effective collaboration between the securities regulators of the two nations. This supports the goals outlined in the Joint Declaration on Comprehensive Strategic Partnership between Vietnam and Australia,” stated Phuong. She expressed optimism over the amplification of the partnership through voluntary cooperation, mutual benefits, and legal compliance, hopeful it would benefit regulatory bodies, market operators, and particularly Australian businesses and investors in Vietnam.
Furthermore, Phuong proposed an increase in high-level leadership and technical exchanges, the conduct of practical training programmes, workshops, and better information exchange to enhance market management and supervision. This agreement not only solidifies the cooperative bond between the SSC and ASIC but also sets a roadmap for even stronger regulatory collaborations in the future.
