Vietnam needs support from UK in developing international financial center: Deputy PM

Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).

He also suggested help in connecting investors and attracting resources from London to participate in Vietnam's financial market while addressing the UK-Vietnam high-level IFC conference on September 15.

The conference marked a concrete step toward realising the two sides’ commitment to jointly building the IFC in Vietnam, and stands as a testament to the increasingly close and effective cooperation between the two countries.

Binh told participants that the Vietnamese National Assembly had passed a resolution on the development of the IFC located in both Ho Chi Minh City and Danang city, and the Government had issued an action program to implement this resolution.

Many key tasks have been actively carried out, including the building of a legal framework, preparation of human resources, establishment of globally connected infrastructure in both cities, ensuring financial security, and setting up dispute settlement mechanisms (if any) within the financial center.

This implementation process greatly requires continued support of experienced partners, especially those from the UK, stated the Deputy PM.

Emphasizing that the City of London is one of the world’s leading and most reputable financial centres, Binh expressed his hope that through this conference, leaders from Vietnam’s ministries, sectors, and HCMC and Danang will gain practical and valuable insights.

According to British Ambassador to Vietnam Iain Frew, the conference is a special event marking the working trip to Vietnam by Lord Mayor of the City of London Alastair King and Lord Justice Richard Snowden.

It serves as a vivid symbol of the increasingly deep strategic partnership between the UK and Vietnam, reflecting the UK’s strong and long-term commitment to cooperating with and supporting Vietnam in building a modern, transparent, and globally integrated financial system.

Frew remarked that Vietnam is in the process of building a globally competitive financial ecosystem. HCMC, as the country’s largest economic and financial hub, is expected to take the lead in key areas such as capital markets, banking, and commodity trading.

Meanwhile, Danang, with its strategic location and open-minded spirit, holds great potential to become a pioneer in sustainable finance, green finance, and digital financial services.

With centuries of experience in financial services, the diplomat affirmed that the UK is always ready to accompany Vietnam on this journey. He expressed confidence that with strong leadership, strategic vision, and deep international cooperation, Vietnam will soon emerge as a dynamic and attractive financial destination in the region and the world.

Lord Mayor Alastair King affirmed his willingness to share experience and expertise to support Vietnam on its path to becoming a strong and modern international financial centre.

At the conference, the two sides engaged in open and frank discussions on various key topics, including mobilizing resources; international best practices for the IFCs and the importance of an independent judicial system within such centers; developing skills and human resources for the financial center; promoting innovation in fintech, capital markets, and green finance; as well as principles of conduct and strategies to attract investors.