Vietnam seeks UK expertise in financial centre development

Vietnam seeks UK expertise in financial centre development. Photo: Unsplash

During a meeting with British Ambassador to Vietnam Iain Frew on February 26, DPM Binh emphasised that Vietnam was in the process of refining its regulatory framework and policies to develop these financial centres.

"This is a key strategic initiative led by the Politburo and the government to mobilise resources for national development in the new era," he said.

Binh proposed that the UK provide training support to help Vietnam cultivate a core workforce for its future financial centres. Additionally, he called on British institutions, banks, investment funds, and financial entities to consider Vietnam as a destination for capital and expertise.

"One of the most effective ways to mobilise resources is through international financial centres," Binh said.

Ambassador Frew responded by affirming the UK's willingness to share its expertise in financial centre management, particularly drawing from London’s experience as one of the world’s leading financial hubs. "The UK has extensive experience in operating financial centres, and we are ready to support Vietnam in building an effective model that will drive long-term growth," he said.

He also highlighted the presence of UK businesses, investment funds, and banks in Vietnam, noting their optimism about the potential for an international financial hub in the country.

"There is significant interest from UK financial institutions in Vietnam’s ambitions, and we see great promise in these developments," he added.

Vietnam and the UK currently maintain a strategic partnership, with bilateral trade showing robust growth. In 2024, trade between the two nations exceeded $8 billion, marking an 18 per cent increase from the previous year.

Binh reaffirmed Vietnam’s commitment to open trade with the UK, pointing out that domestic businesses have been actively importing British pharmaceuticals, machinery, and equipment.

Beyond financial services, Binh also urged the UK to facilitate greater market access for Vietnamese exports, particularly in sectors where Vietnam holds a competitive edge.

He encouraged Ambassador Frew to play an active role in fostering trade and investment ties, supporting UK businesses in expanding their footprint in Vietnam through both direct investments and financial instruments.

Taking inspiration for global financial centre undertaking For decades, Vietnam has drawn foreign investment into its factories and industrial zones.

Existing framework can push IFC efforts Vietnam is planning to establish a regional financial centre in the central city of Danang and an international-scale one in Ho Chi Minh City. British consul general Alexandra Smith spoke with VIR’s Thanh Tung about how this can be realised.

Unique prospects within grasp for IFC ecosystem While Vietnam’s macroeconomic fundamentals sustain one of the highest growth rates in the world, challenges persist in developing a robust financial ecosystem. Recognising the significant role of market development, the government has passed legislation to establish an international financial centre (IFC) in Ho Chi Minh City and Danang.

Danang prepares role as economic bridge Investors and international financial funds are paying more attention to plans to develop a financial centre in the central city of Danang.

Milcon Gulf Group expresses interest in international financial centre Private conglomerate Milcon Gulf Group on February 25 expressed its interest in the establishment of the Vietnam International Financial Centre (IFC) in Ho Chi Minh City.