1st Feb 2008
SINGAPORE — The State Bank of Viet Nam (SBV) has signed a memorandum of understanding with its Singaporean counterpart to strengthen their co-operation, according to the SBV.
Under the memorandum, which was inked on Wednesday, the two signatories will move to enhance supervisory co-operation and heighten the interaction of their banking sectors.
The deal is said to help prepare a Singaporean bank to set up a subsidiary in Viet Nam. The name of the bank was not disclosed.
The memorandum is a part of the Economic Connectivity Agreement between the governments of both nations.
Signed in December 2005 and revised in August last year, the agreement seeks to develop eight major sectors: finance, education, transportation, IT, investment, services and trade, infrastructure and ports and warehouses.
The latest deal was made easier by a memorandum signed last year between the stock exchanges of both Viet Nam and Singapore, aimed at fostering closer economic ties. — VNS
http://vietnamnews.vnagency.com.vn/showarticle.php?num=03BAN010208
