Maybank Kim Eng, State Securities Commission ink deal on Vietnam securities market

The 3-year agreement will strengthen the market.

According to a release, Maybank Kim Eng and State Securities Commission (SSC) today signed the Cooperation and Technical Support Framework Agreement. The three-year agreement strengthens the already close working relationship the two parties have and will lead to joint initiatives that will contribute to the sustainable and long-term growth of Vietnam’s securities market.

Specific areas of collaboration under the agreement include risk management and controls, corporate governance and compliance, product development, standard accounting and reporting system, among others. Both parties will also team up to organise workshops, seminars and professional training programmes for SSC officials as well as to jointly conduct business surveys and product feasibility studies. The agreement was signed at a ceremony held at the SSC headquarters in Vietnam, Hanoi by Group Chief Executive of Maybank Kim Eng, Tengku Dato’ Zafrul and Chairman of SSC, Mr Vu Bang.

Speaking at the signing ceremony, Tengku Dato’ Zafrul said: “We are delighted to enter this agreement which will deepen our relationship with Vietnam’s securities market and further open up opportunities for collaboration. As a leading financial services group in Asia, Maybank Kim Eng is well-placed to leverage our market experience and technical expertise to provide advisory and support to SSC in strengthening their legal and regulatory framework in line with international standards and best practices. In doing so, we hope to play an instrumental role in raising the standard and efficiency of Vietnam’s securities market and in the larger scheme of things, facilitate its integration into ASEAN as well as international financial markets.”

Mr Vu Bang said: “As part of our efforts to promote international cooperation, SSC and the Vietnamese Stock Exchanges have established relationships with securities regulators, stock exchanges and financial services group from around the world. We look forward to the collaboration with Maybank Kim Eng to share experiences that would help in expanding our presence in the region and increasing the inflow of international investors to Vietnam.”

Mr Le Minh Tam, CEO of Maybank Kim Eng Vietnam said: “As an active member of the Vietnamese securities market, we appreciate the importance of this partnership with SSC. We are strongly committed to the long-term development of our business operations here and the signing of today’s agreement is a demonstration of this commitment as well as our firm belief in the potential of Vietnam’s securities market.”

Maybank Kim Eng started its operations in Vietnam since 2008. It offers a full range of financial services including brokerage, internet trading and research, investment banking and corporate finance advisory services. Today, it is ranked among the top 10 brokerages in the country. A demonstration of its long-term business commitment in Vietnam, Maybank Kim Eng has been working together with the country authorities on various fronts to support the development of the Vietnamese securities market. For example, it recently led a delegation from the Ho Chi Minh Stock Exchange on a study trip to Kuala Lumpur to learn about Bursa Malaysia’s Listing Information Network and how they can replicate a similar system back home to enhance transparency and governance among corporates listed on the Vietnamese stock exchanges. And last month, Vietnamese government officials from the Ministry of Finance visited its head office in Kuala Lumpur to learn about the accounting systems of a securities company.

Tengku Dato’ Zafrul added: “Vietnam is a key strategic market for us as we work towards achieving our vision of becoming a regional financial powerhouse by 2015. The country has made great strides in economic development in recent years and we have been very impressed with the growth of its securities market over the last 13 years. We believe Vietnam will continue its strong growth momentum as it sets out to liberalise its foreign investment laws which will serve to attract higher foreign direct investments and in turn boost the development of its securities market.”