Bahrain affirms support for Vietnam in financial center development

Bahrain’s investment funds and agencies are willing to support Vietnam in developing financial centers in Ho Chi Minh City and Danang, said the Arab country's Minister of Finance and National Economy.

Minister Shaikh Salman bin Khalifa Al Khalifa made the statement during a meeting with Deputy Prime Minister and Foreign Minister Bui Thanh Son on Wednesday. The meeting was part of Son’s visit to the UAE for the World Governments Summit 2025.

Bahrain is a small Arab country situated in a bay on the southwestern coast of the Persian Gulf. It is an archipelago consisting of Bahrain Island and some 30 smaller islands.

Under Vietnam’s plan, international financial centers in HCMC and the central city of Danang will be established to position Vietnam as a key financial hub in the region and globally.

During the meeting, Deputy PM Son urged Bahrain to push for the Gulf Cooperation Council (GCC) to initiate negotiations on a free trade agreement with Vietnam.

He also encouraged Bahraini investors to explore opportunities in Vietnam, particularly in energy, the Halal industry, digital transformation, and tourism. He suggested the two nations work toward signing economic and trade cooperation agreements soon.

For his part, Minister Shaikh Salman bin Khalifa Al Khalifa expressed his admiration for Vietnam’s GDP growth of over 7% in 2024 and its target of exceeding 8% in 2025. He affirmed Bahrain’s willingness to provide financial and banking services to support the implementation of a potential FTA between Vietnam and the Gulf Cooperation Council.

Bahrain will dispatch a mission from the Bahrain Economic Development Board (EDB) to Vietnam to explore investment opportunities, particularly in fintech and financial solutions for the telecom and aviation sectors, the minister added.

He also expected the two sides to conduct negotiations for an investment protection agreement and a tax double taxation avoidance deal.

On Tuesday, Deputy PM Son met with executives from several UAE corporations, including Dalam Capital, Gulf Analytica, and Apolonia Capital. He called on them to support the development of international and regional financial centers as well as free trade zones in Vietnam, beginning with the development of a legal framework.