Hanoi, Singapore Stock Exchanges Sign Cooperation Deal

The Hanoi Securities Trading Center (HASTC) and the Singapore Stock Exchange Ltd (SGX) on April 2 signed a memorandum of understanding (MOU) in the framework of a workshop on listing shares in international stock markets.

 

This is an important program connecting the economies of Vietnam and Singapore, under agreements signed between two countries.

 

Under the agreement, both sides will cooperate to establish a channel to exchange information in operations, regulatory framework, as well as products and derivatives securities.

 

Both sides will share experiences in managing the stock market. HASTC and SGX will help each other supervising Vietnamese companies listing on both Vietnamese and Singaporean markets.

 

SGX will also help Vietnamese firms in their capital raising process, and provide training for Vietnamese staff.

 

Addressing the signing ceremony, HASTC deputy director Nguyen Vu Quang Trung said HASTC would list some local firms in Singapore late this year or early next year, if procedures go as scheduled.

 

Laurence Wong, vice executive president cum head of the listing department of SGX, said the procedures would take about 12 to 18 weeks.

 

First, potential enterprises will have to submit applications and prospectuses to the Monetary Authority of Singapore, which will post the prospectuses for public feedback. An official response from the Singapore Exchange will be issued within 14 days. After around one month, Vietnamese companies are allowed to issue prospectuses to the public in Singapore.

 

Singaporean experts at the meeting said listing in Singapore would promote the image of Vietnamese companies, help them mobilize international funds and become accustomed to international trading rules.