HSBC to provide credit rating support for Vietnam

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The HSBC bank Friday signed a memorandum of understanding with Vietnam's Ministry of Finance, offering assisstance in credit rating assessment and helping state-owned companies access international capital markets.

Under the new arrangements, HSBC Bank Plc. will analyze the creditworthiness of Vietnam before reporting to the Fianance Ministry on the sovereign credit implications of key financial, economic and political developments, the bank said in a statement.

The bank will also provide the ministry with information on global capital markets and debt capital market products and draw up feasibility assessments for bond issuances to be carried out by the government and state-owned enterprises.

"HSBC is excited about increasing its cooperation with the Ministry of Finance in Vietnam and we are looking forward to working closely with the ministry to support the country's development in the coming years," said Sumit Dutta, CEO of HSBC Bank Vietnam Ltd.

The new memorandum of understanding is the second signed by HSBC with the Finance Ministry. The first one, in 2006, was to support the development of the country's financial and capital markets and the equitization of state enterprises.

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