Vietnam, Singapore Sharing Experiences in Financial Management

In recent years, Vietnam and Singapore have successfully developed cooperation in fields like politics, economics, trade, investment, education, tourism and especially in financial management.

Bilateral cooperation in the financial sector is most evident in the Vietnam-Singapore Linkage Framework Agreement signed in December 2005. The agreement includes six areas: education, finance, IT and telecom, investment, trade and service, communication and transport. The agreement has brought the cooperation to a new height, which will develop the potential and advantages of each country.

Ever since the signing of the agreement, the two countries have stepped up cooperation. The Vietnamese financial sector has also recorded fine achievement, upgrading financial potential and capacity. Both countries consider financial cooperation as a means to promote investments, economic development and friendship.

Vietnam and Singapore have signed additional agreements to promote further financial cooperation. On January 30, 2008, State Bank of Vietnam and Singapore Monetary Department signed a memorandum on intensified cooperation in the financial sector. Subsequently, related authorities of the two countries have implemented several programmes on financial management and bilateral economic cooperation.

Again on February 24, 2009 in Singapore, Vietnamese Minister of Finance Vu Van Ninh and Singaporean counterpart Tharman Shanmugaratnam signed a financial memorandum for 2009-2011. The memorandum will expand financial cooperation between the two countries and play an important role in the increasing bilateral relations.

According to the memorandum, Vietnam and Singapore will expand cooperation in such areas as financial policy, customs, taxation, macro-economic analysis and forecast. The two Ministers have also agreed to expand and diversify financial service, distribution models, non-collateral loans, cooperation programmes, seminars sharing experiences in financial management, taxation and customs, and international financial cooperation.

No doubt, the bilateral cooperation will help promote Vietnam’s financial sector. It will enhance financial cooperation with Singapore and the prosperity of the two countries in general.

Posted by VBN on Nov 11 2009. Filed under Int'l Cooperation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry