The Vietnam Securities Depository (VSD) and the Standard Chartered Bank Vietnam have signed a memorandum of understanding on cooperation to develop financial services in Vietnam, especially in fund service.

Vietnamese Minister of Finance Vuong Dinh Hue and the Lord Mayor of the City of London Alderman David Wootton witnessed the signing of the MoU in Hanoi on Sept. 24.

Under the MoU, Standards Chartered Bank will provide technical assistance to VSD in building infrastructure for transfer agent services of open-end funds, in line with international practice.

The cooperation follows a policy of the Vietnamese Ministry of Finance, which allows establishing open-end funds in the country under Circular 183/2011/TT-BTC issued on December, 2011.

It also marked the growing relations between the UK and Vietnam in the financial field, in accordance with the financial cooperation programme between the Ministry and London city in 2012 and the Strategic Partnership Agreement signed by the two governments in 2010.-VNA