The State Securities Commission of Vietnam (SSC) and the Australian Securities and Investments Commission (ASIC) signed a memorandum of understanding (MoU) in Sydney on Friday to foster securities development in the two nations.

The MoU will act as a foundation enabling the two commissions to share official information about securities, enhance collaboration in terms of securities market monitoring and governing techniques, and exchange relevant regulations.

ASIC chair Joseph Longo highly valued the cooperation with the SSC, expecting the first bilateral deal to deepen the partnership between the two sides and bolster the two nations’ capital markets.

Longo affirmed that the MoU is the ASIC’s pledge to help Vietnam with prosperous economic growth.

The Australian commission is willing to provide the Vietnamese side with support for techniques, training courses and governing infrastructure, he said.

Representatives of the State Securities Commission of Vietnam (SSC) and the Australian Securities and Investments Commission (ASIC) pose for a photo at a signing ceremony of a memorandum of understanding in Sydney on August 2, 2024.

The ASIC chair also expressed his delight at seeing Vietnam emerging as a dynamic and highly-resilient economy in the region, believing that the Vietnamese capital market will continue to thrive.

SSC chairwoman Vu Thi Chan Phuong said that the Vietnamese securities market has proved itself to be a key medium- and long-term capital mobilization channel for the business community and the economy.

It also becomes an appealing investment channel for both local and international investors, including Australian ones.

Phuong underlined that the signing between the ASIC and SSC is meant to contribute to implementing the joint statement for the comprehensive strategic partnership.

Vietnam upgraded relations with Australia to a comprehensive strategic partnership, the highest level in the Southeast Asian country's international relations, in March this year.

She hoped that the cooperation would help Vietnam effectively operate the securities market, and create favorable conditions for Australian firms to do business in Vietnam.

At the signing ceremony, ASIC chair Longo extended condolences over the passing of Vietnam’s General Secretary of the Communist Party of Vietnam Nguyen Phu Trong, who passed away on July 19 in Hanoi.

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