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HSBC to assist ministry in credit ratings
The HSBC Bank Plc has signed a Memorandum of Understanding (MoU) with Viet Nam’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 Viet Nam 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 Viet Nam’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 Viet Nam 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 Viet Nam 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 (Viet Nam) Ltd, as saying.
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