Hanoi (VNS/VNA) - The State Securities Commission of Vietnam (SSC) and the Australian Securities and Investments Commission (ASIC) officially signed a Memorandum of Understanding (MOU) for cooperation in Sydney, Australia on August 2.

ASIC Chairman Joseph Longo described the event as a pivotal moment in the collaborative efforts between the two regulatory bodies.

This signing not only underscores the enduring bond between the two parties, but also signifies a commitment to fostering cooperation and advancing the growth of the capital markets in both nations.

Longo highlighted that the MoU will enable the two agencies to establish formal information-sharing mechanisms, enhance technical cooperation in market supervision, exchange best practices and bolster investor protection efforts.

He added that the MoU reflects the ASIC's commitment to supporting Vietnam's economic growth and capacity building.

"The ASIC commits to ongoing capacity-building support for the SSC, offering technical assistance, training programmes and infrastructure enhancements," said Longo.

The ASIC Chairman praised Vietnam's recent economic strides, noting its resilience and dynamism in the region.

He expressed confidence in Vietnam's capital market growth and development, adding that the MoU marks a fresh start in the partnership, aligning with shared vision of fostering a vibrant capital market under robust supervisory frameworks.

Vu Thi Chan Phuong, Chairwoman of the SSC, said that Vietnamese stock market is a crucial avenue for both short and long-term capital infusion for businesses and the economy. She noted its appeal to investors from Australia and beyond.

She acknowledged the valuable support from the Australian government in developing the market, including funding for the Joint Capital Markets Programme (J-CAP) by the World Bank.

This assistance aids the country in meeting market criteria, enhancing training activities, capacity building and fostering exchange programmes.

"The MoU signed today between the ASIC and the SSC exemplifies a robust cooperative bond, enhancing effective collaboration between the securities regulators and the two nations. This supports the goals outlined in the Joint Declaration on Comprehensive Strategic Partnership between Vietnam and Australia," Phuong said.

She is also optimistic that through voluntary cooperation, mutual benefit and legal compliance, the partnership between the SSC and the ASIC will intensify, benefiting regulatory bodies, market operators and Australian businesses and investors in Vietnam.

Phuong also suggested increasing high-level leadership and technical exchanges, conducting practical training programmes, workshops and꧅ improvi🍸ng information exchange for better market management and supervision./.