Maybank Kim Eng To Further Develop Vietnam Securities Market

KUALA LUMPUR, Nov 15 (Bernama) -- ASEAN's leading investment bank, Maybank Kim Eng, plans to further develop and eventually elevate Vietnam's securities market to emerging-market status by MSCI. For the purpose, the stockbroking and investment arm of Maybank inked a three-year collaborative cooperation and technical support framework agreement with Vietnam's State Securities Commission (SSC) in Hanoi Monday. In a statement Tuesday, it said both parties would collaborate to develop best practices and standards in areas of risk management and control, corporate governance and compliance, product development, standard accounting and reporting system. "Vietnam, with its attractive demographics and rising economy, is not only an important market for us but also an attractive one for global investors looking to tap into the ASEAN opportunity," said Chief Executive Officer John Chong. Meanwhile, SSC Vice-Chairman Nguyen Thi Lien Hoa said they were pleased to continue the cooperation with Maybank Kim Eng as their joint efforts for the past three years had made significant inroads in the development of Vietnam's securities market. "Yesterday's (Monday) signing symbolises our intent to intesify that collaboration to further strengthen the infrastructure, efficiency and liquidity of the capital market to enhance its attractiveness to investors," he said. Maybank Kim Eng Securities is the largest foreign-owned investment bank and stockbroking house in Vietnam and is the first 100 per cent foreign-held brokerage firm approved by the SSC. -- BERNAMA