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

Oliver Massmann
International Attorney at Law

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