The
HSBC Bank Plc has signed a Memorandum of Understanding (MoU) with Vietnam’s
Ministry of Finance (MoF), under which it will assist the latter in credit
rating assessment, capital mobilisation and training.
The signing ceremony took place in London in
the presence of Finance Minister Vuong Dinh Hue and Samir Assaf, HSBC Group’s
head of global banking and markets.
Under the new arrangement, HSBC will “analyse
the creditworthiness of Vietnam before reporting to the MoF on the sovereign
credit implications of key financial, economic and political developments,” the
bank said in a news release.
The bank will also use its “in-depth knowledge
of Vietnam’s key strategic sectors and potential investors worldwide to help
the ministry and State-owned enterprises (SOEs) access international capital
markets,” the release said.
The bank will provide up-to-date information
on global capital markets and debt capital market products, as also draw up
feasibility assessments for bond issuances to be carried out by the government
and SOEs.
It will also help improve key competencies of
MoF staff through training courses to be offered at the bank’s HSBC Vietnam
Training Centre or at MoF training locations with HSBC trainers.
The courses will be tailored to match MoF
requirements and the bank will also facilitate overseas training programmes for
MoF staff as needed.
This is the second time that HSBC has signed
an MoU with the Finance Ministry. In September 2006, the bank agreed to
co-operate with the ministry in the development of Viet Nam’s financial and
capital markets, risk management, equitisation of SOEs, asset management,
overseas bond issuances and training.
“HSBC is excited about increasing its
co-operation with the Ministry of Finance in Vietnam and we are looking forward
to working closely with the ministry to support the country’s development in
the coming years.
“This signing reaffirms HSBC’s continued and
long-term commitment to Viet Nam’s dynamic banking market,” the release quoted
Sumit Dutta, CEO of HSBC Bank (Vietnam) Ltd, as saying.
Vietnam News
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