Vietnam, UK share experience in developing int’l financial centre

Representatives from financial and investment organisations, banks, insurance firms, and major businesses of the UK gathered at a seminar in London on October 23 to discuss experiences in developing international finance hubs, and relevant orientations for Ho Chi Minh City of Vietnam.

Participants at the seminar (Photo: VNA)

The event is part of the activities to celebrate the 50th founding anniversary of the diplomatic ties between the two countries.

In his remarks, Vietnamese Ambassador Nguyen Hoang Long said developing an international financial centre in HCM City is one of the key projects in the strategic partnership between Vietnam and the UK.

As one of the world's leading financial centre with extensive experience in supporting the development of international financial hubs such as Hong Kong (China), Singapore, and Dubai, London is the most suitable partner for Vietnam to collaborate on establishing an international financial centre in the southern metropolis, the diplomat stressed.

According to Vice Chairman of the municipal People’s Committee Vo Van Hoan, the city has already completed a draft plan for building a financial centre and submitted it to the government.

Nicola Watkinson, CEO of TheCityUK, stated that Vietnam is one of the attractive financial markets thanks to its high economic growth, which is suitable for financial services of the UK.

With its dynamic economy and commitment to carbon neutrality, Vietnam offers numerous opportunities for UK investors, she said, adding that TheCityUK and its members are eager to provide effective support to Vietnam in its journey to develop an international financial centre.

The establishment of an international financial centre in HCM City holds great promise, President of TheCityUK Andrew Oldland said, emphasising the importance of developing a strategy for the scheme in the coming time.

The proposal to build Vietnam's international financial centre in HCM City is outlined in the 10-year socio-economic development strategy report (2021-2030) and was approved during the 13th National Party Congress.

A representative from the Ho Chi Minh City Finance and Investment State-owned Company (HFIC) provided updates on a project to establish a financial centre in HCM City, challenges in implementing the project, and the firm’s desire to learn from the experiences of UK partners in this field.

Participants discussed mechanisms, policies and legal frameworks related to the establishment, management, and operation of financial centres; and those to attract international investors as well as potential areas for collaboration such as fintech, digital transformation, legal services, and international arbitration./.

VNA