Under the terms of the MOU, the VNX and SGX wish to develop communication channels aimed at promoting the relationship between the parties to serve the interests of both sides’ respective stock markets, including co-operation to share information on the operations and legal framework of products traded on the respective stock and derivative markets of the parties.

At the working session held with the delegation of the Ministry of Finance led by Minister of Finance Ho Duc Phoc, Second Minister Chee shared investment co-operation opportunities between the two countries, especially in the financial sector. He also emphasized that moving forward, the areas which can promote greater ties and aim to upgrade the relationship between the two countries to that of a comprehensive strategic partnership include energy, services, and financial services. In addition, both nations can accelerate the sharing of experience, good practices, and business investment opportunities.

Minister of Finance Ho Duc Phoc (L) welcomes Second Minister for Finance of Singapore Chee Hong Tat

Discussing the co-operative relationship between the two finance ministries, Minister Phoc said he was very pleased with the bilateral relationship which has continuously developed and achieved many good, comprehensive, and sustainable results over recent times.

Singapore has always been an important and special partner of the Vietnamese side in fields such as economics, trade, investment, and finance.

In terms of investment, the city-island state was the largest FDI investor in the Vietnamese market during the first half of the year with a total registered capital of nearly US$5.6 billion. In terms of trade, Singapore is consistently among the group of important import-export partners with Vietnam.

“I hope that Vietnam and Singapore will continue to beef up potential bilateral cooperation, especially in the financial sector. I also believe that the Minister in particular and the Singaporean Ministry of Finance in general will closely coordinate to facilitate and strengthen cooperation in the fields of finance, economics, trade and investment on a par with the sound political and external relations between the two countries towards the goal of upgrading the Vietnam - Singapore relationship to a “Comprehensive Strategic Partnership” in the coming time,” Minister Phoc expressed.

Concerning the nation’s macroeconomic situation in recent times, Minister Phoc said that in 2023 the Vietnamese economy, as well as other economies in the region, experienced plenty of difficulties and challenges. However, with the Government's efforts to control inflation and promote growth, the Vietnamese economy has achieved a growth rate of over 5%, inflation at 3.5%, budget deficit and public debt being well controlled, and the trade balance improving.

In the first six months of the year, the Vietnamese economy continued to see positive recovery with GDP growth of 6.42%, much higher than the growth rate in the same period last year at 3.84%.

Other economic indicators have improved significantly. Of which, registered FDI capital hit US$15.2 billion, up 13.1% on-year, with FDI capital from Singapore accounting for more than 33%. This affirms investors' confidence in Vietnamese growth prospects.

Regarding the fiscal policy, the Ministry of Finance continues to maintain a flexible fiscal policy, supporting growth, with policies aimed at removing difficulties faced by businesses and people, as well as restoring and spurring forward socio-economic development.

The Ministry of Finance is currently continuing to review, amend, supplement, and issue new financial policies and tax laws in accordance with the actual situation, thereby ensuring the implementation of international commitments, Minister Phoc went on to say.

He also expressed his hope that the Singaporean Ministry of Finance would share their experience related to the modernisation of tax and customs management, solutions to protect system security and safety, and policy mechanisms from the Ministry of Finance to promote and facilitate the modernisation of customs and taxes, as well as experience in risk prevention during the modernisation process.

At the signing ceremony of the MoU between between the Vietnam Stock Exchange (VNS) and the Singapore Exchange (SGX)

In response, Second Minister Chee said that the Singapore Ministry of Finance agreed with Minister Phoc's proposals to ramp up co-operation in the fields of tax and customs and will directly co-ordinate Singaporean agencies such as MAS and SGX to work alongside Vietnamese partner agencies to carry out the proposed collaboration contents.

The Singaporean side is also keen to learn and share experiences from Vietnamese partner agencies as they move towards mutually beneficial co-operation and strive to create opportunities for businesses of the two countries.

Regarding Minister Phoc's request for sharing experience and training human resources, Second Minister Chee affirmed the Singapore Ministry of Finance’s willingness to share experience, information, organise training, and share best practices in management and supervision.

Co-operation will focus, on sharing information related to domestic market structure, including legal framework, market information, and information provision services; sharing experience in market surveillance, member surveillance in the stock market, derivatives market, and legal framework for cross-listing activities; developing and promoting corporate governance activities such as sharing experience in establishing best corporate governance rules and practices for listed companies and institutional investors; supporting and improving the level of monitoring compliance with listing regulations of SGX and VNX; promoting the image of listed companies on the Vietnamese and Singapore stock markets; and basing ties on full consideration of relevant legal frameworks depending on the time of exchange to seek co-operation opportunities, including potential for product development and listing on the stock market and derivatives market.