Singapore Business Federation signs MOU with Vietcombank to enhance business cooperation between Vietnam and Singapore26 April 2018 [Singapore] - The largest Vietnamese bank by market capitalisation, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Singapore Business Federation (SBF) have signed a Memorandum of Understanding today, April 26, during the “Vietnam – Singapore Business Dialogue 2018 – Celebrating 45th year of Diplomatic Relations, 5th year of strategic partnership: Co-creating Vietnam – Singapore Future Economies” in the presence of Vietnam Prime Minister Nguyen Xuan Phuc.
With more than 55 years of development, Vietcombank has been known to have contributed significantly to the stability and growth of Vietnam economy. Trusted by tens of millions clients worldwide together with its strategic vision and culture, Vietcombank prides itself to be the primary choice of foreign investors. In Singapore, Vietcombank has been the first and the only Vietnamese bank having Representative Office, acting as liaison office to support Singapore companies.
Established in 2002, SBF is the largest trade association in Singapore with more than 25,000 members. The Federation receives over 100 incoming business delegations and leads close to 40 overseas missions every year. SBF provides members with opportunities to network and tap into emerging markets through participation in outgoing business missions and incoming visits by business delegations.
As part of the MOU, the two parties commit to further foster the Vietnam – Singapore trade and investment relationship through business matching events, forum co-organisation, information sharing, as well as online and offline activities collaboration. Under preference terms, SBF members have been enabled to approach commercial and investment banking services including but not limited to cash management, trade, financing, merger & acquisitions, business consultancy, etc.
In his remarks, Mr Ho Meng Kit, SBF CEO, said: “We are extremely happy to sign the MOU with Vietcombank today. Singapore was Vietnam's third-largest foreign investor last year and SBF collaborated with different Vietnam provinces such as Hue, Binh Phuoc, and Hai Phong to present investment opportunities for our members. We believe that with the strong support of Vietcombank and their range of services, our members can expand into Vietnam market more easily, giving a greater lift to the investment climate between the two countries.”