of the mou can only mean more opportunities for both our stock markets to seek greater collaboration, and i urge officials from the sgx and hanoi stc to move beyond just the mou document to plan for even deeper level of partnership and cooperation. i understand as well that a couple of the vietnamese state - owned enterprises have also made plans to explore a listing on singapore ’ s bourse – these are indeed concrete demonstrations of the close synergies between our two marketplaces. the stage is now set for an enduring relationship between vietnam and singapore that will last for years to come. i am confident that the vietnam - singapore listing preparatory program will be but the first of many other initiatives that will further cement the growth of vietnamese companies in singapore. let me now conclude by wishing all of you a fruitful and enriching conference ahead and a productive process tapping the international capital markets down the road. thank you.

. loan - to - value ratios not only raise the buffer for losses but can also constrain credit growth in the economy. similarly, macro - measures such as the tightening of interest rates can also lean against the build - up of asset prices and serve a microprudential purpose. pursuing macroprudential objectives therefore does not mean that we have to have a narrow box of tools, each dedicated to a specific purpose. in fact, the interaction of various tools is significant – they can work in the same or opposite directions, and their cumulative impact may be greater or smaller than we anticipate. it is probably more appropriate for us to take an eclectic and holistic approach. 22. finally, as a corollary of the above, micro - and macro - supervision should not be done in silo. in fact, we need to bring together the perspectives and tools from different stakeholders – central banks and financial supervisors, as well as government agencies that can contribute to financial stability. the property sector cooling measures introduced in singapore and a number of asian countries recently, involved close cross - agency cooperation and coordination amongst financial regulators, fiscal authorities and the land offices of the respective countries. bringing together the various agencies expands the policy options to deal with systemic risks. different countries have different institutional arrangements, so each country will need to decide on the optimal arrangements. achieving regulatory outcomes through effective supervision and shared responsibility with industry 23. let me now say a few words on achieving regulatory outcomes, beyond good rules. perhaps the most striking area is the critical need for all of us to strengthen supervision. effective supervision is unapologetically firm and intense, grounded on a good understanding of the nature of the institutions and the financial system. supervisors must think independently, avoid regulatory capture and be willing to enforce out - of - bound markers rigorously. in this regard, i welcome the efforts of fsb and standard setters in developing recommendations for more effective supervision of complex and systemic institutions. 24. effective supervision requires talented and trained staff, who can understand and respond constantly to new markets, new services, and new risks. the need for talent is particularly acute for supervisors in emerging economies, as the banking system grows rapidly. with the growing demand for risk managers, some supervisors are facing higher attrition. we have to significantly expand the talent pool, and work with international and regional bodies like the fsi, the world bank and imf to step up our efforts. 25. finally, supervisors should not be