UK stands ready to help Vietnam build international financial hub

The UK’s support for Vietnam in establishing an international financial hub is a significant development that reflects the growing economic ties between the two nations.

This initiative is particularly focused on the cities of Da Nang and Ho Chi Minh City, which are poised to become key players in the Southeast Asian financial landscape. The collaboration encompasses various sectors, including finance, technology and education, aiming to enhance Vietnam's capabilities in these areas.

The relationship between the UK and Vietnam has evolved dramatically over recent years.

The UK is recognised as the second-largest exporter of financial services globally, with exports reaching 88.7 billion GBP (nearly 114.6 billion USD) in 2022. London serves as a global financial centre, hosting 170 banks and a multitude of fintech companies.

UK stands ready to help Vietnam build international financial hub
A view of HCM City's District 2 with Hanoi Highway and Metro Line 1 Ben Thanh - Suoi Tien. District 2 is undergoing development to emerge as a financial hub. (Photo: VNA)

This backdrop provides a solid foundation for collaboration as Vietnam seeks to develop its own financial sector.

In October 2023, the government established a Steering Committee to develop the Regional and International Financial Centre Project, which is led by Prime Minister Pham Minh Chinh. The project aims to position Da Nang as a regional financial centre and HCM City as an international financial hub.

Meanwhile, Da Nang has set ambitious goals to become a leading economic centre in Southeast Asia by 2030. The city aims to focus on two primary sectors: semiconductors and artificial intelligence (AI), alongside developing its international financial hub.

This vision is reinforced by the National Assembly’s Resolution No. 136/2024/QH15, which outlines specific policies to attract strategic investors and enhance financial management practices within the city.

Ho Ky Minh, Vice Chairman of the Da Nang People's Committee, stressed the need for the UK’s support in drafting legal frameworks that would facilitate the establishment of this financial centre.

At a meeting with Alexandra Smith, the newly appointed British Consul General in HCM City, in late October, Minh expressed his hope for collaboration with UK consular representatives to promote Da Nang as an attractive investment destination.

"In the near future, as authorities at all levels come to a consensus on the implementation of international financial centres in HCM City and Da Nang, we eagerly anticipate the support of the British Consulate General in HCM City in formulating the National Assembly's resolution on related legal issues," Minh said.

Meanwhile, Alexandra said that the UK was eager to actively collaborate and assist Da Nang in advancing emerging areas such as AI, digital transformation and establishing an international financial hub.

In September, Michael Mainelli, the Lord Mayor of London, who has a financial background, made a historic visit to Vietnam, the first Lord Mayor of the City of London to visit the country in the past decade, underscoring the UK's commitment to supporting Vietnam’s ambitions in establishing an international financial hub.

During this visit, he engaged with key Vietnamese officials and stakeholders to share insights and strategies for building a robust financial infrastructure.

The Mayor also looked forward to the exciting upcoming collaboration between Vietnam’s new international financial hub and the City of London's Financial District.

The partnership between the UK and Vietnam spans several key areas.

In terms of financial services, the UK's expertise can be invaluable for Vietnam as it seeks to modernise its financial systems.

The UK's experience in regulatory frameworks and market operations can provide crucial guidance for Vietnamese policymakers. Initiatives may include capacity-building training programmes for Vietnamese professionals in finance and investment management, as well as assistance in developing legal structures that support foreign investment and ensure market stability.

Technology integration into finance is vital for creating a competitive international hub. The UK is home to numerous fintech companies that can share their knowledge with Vietnamese counterparts.

Potential collaborations could involve leveraging AI technologies to enhance service delivery in finance and supporting Vietnamese banks and financial institutions in adopting digital solutions to improve efficiency.

Infrastructure development is another critical area where UK assistance can play a significant role. Infrastructure is essential for establishing a successful financial hub, and the UK can aid Vietnam in developing projects such as transportation networks that enhance connectivity through investments in urban rail systems and airports.

Additionally, collaboration on smart city initiatives will promote sustainable urban development aligned with global standards.

As Vietnam aims for net-zero emissions by 2050, green finance will be central to its economic strategy. The UK's commitment to green initiatives can significantly benefit Vietnam’s transition towards sustainable practices.

This includes supporting projects that focus on offshore wind energy and developing green bonds and other financial instruments that promote environmental sustainability.

Opportunities for UK Businesses

UK businesses stand to gain significantly from engaging with Vietnam’s burgeoning economy. As trade relations continue to strengthen, evidenced by bilateral trade doubling from 3 billion GBP to 6 billion GBP over the past decade, opportunities abound across various sectors.

Companies like Standard Chartered have already expressed enthusiasm about contributing to this partnership by facilitating investments and sharing expertise in areas such as green finance and digital innovation.

Furthermore, with the UK's impending accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), there will be enhanced access for UK services in Vietnam, fostering greater collaboration.

Source: VNA

See also

HDBank wins three awards at Vietnam Listed Company Awards 2024

HDBank wins three awards at Vietnam Listed Company Awards 2024

The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank - HoSE: HDB) has received three prestigious awards at the Vietnam Listed Company Awards 2024, highlighting its leadership in the banking sector, as well as its dedication to transparency and governance.
VIB, Flywire partner to streamline cross-border payments for students from Vietnam

VIB, Flywire partner to streamline cross-border payments for students from Vietnam

Vietnam International Bank (VIB) has announced a partnership with Flywire, a global payments enablement and software company based in Boston, to enable Vietnamese payers to digitally pay international education-related fees in their local currency to higher education institutions all over the world.
Vietcombank issues 2 trillion VND worth of green bonds for first time

Vietcombank issues 2 trillion VND worth of green bonds for first time

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has successfully issued 2 trillion VND worth of green bonds, the first of its kind, to support eco-friendly projects.

See more news

S&P affirms Techcombank’s BB- rating

S&P affirms Techcombank’s BB- rating

S&P Global Ratings has reaffirmed Techcombank’s issuer rating of BB- with a “stable” outlook, highlighting the bank’s robust profitability, stable capitalisation and strong asset quality.
Tax sector fulfils nearly 95% of state budget collection target

Tax sector fulfils nearly 95% of state budget collection target

The General Department of Taxation on November 7 reported that the total state budget collection of the sector in January – October was estimated at over 1.4 quadrillion VND (55.18 billion USD), or 94.8% of the annual projection and up 16.3% against the same time last year.
Việt Nam

Việt Nam's stock market moves closer to emerging market status amid key policy changes

The swift efforts by the Vietnamese securities regulator to eliminate pre-funding requirements have garnered praise from FTSE Russell and Morgan Stanley.
Krungsri proposes accelerating purchase of 50% of SHBFinance’s charter capital

Krungsri proposes accelerating purchase of 50% of SHBFinance’s charter capital

Ayudhya Public Bank Limited (Krungsri), a member of Japan's MUFG Group, has proposed to the Saigon - Hanoi Commercial Joint Stock Bank (SHB) that it will speed up the acquisition of the remaining 50% of SHBFinance’s charter capital.
Finance ministry proposes two price management scenarios for year-end

Finance ministry proposes two price management scenarios for year-end

The Ministry of Finance has released two price management scenarios to control inflation until the end of the year.
Banking sector prioritises support for import-export firms

Banking sector prioritises support for import-export firms

Affordable bank credit has supported businesses in key sectors that drive the country’s economic growth, Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s Ho Chi Minh City office, told a conference on October 31.
Smart Banking 2024 workshop and exhibition held

Smart Banking 2024 workshop and exhibition held

While accelerating digital transformation, ensuring operational safety and information security is a priority. The remark was made by Nguyen Quoc Hung, Vice Chairman and General Secretary of the Vietnam Banks’ Association (VNBA) at the Smart Banking 2024 workshop and exhibition held in Hanoi on October 29.
Interest rates expected to decrease by 0.7 percentage points next year

Interest rates expected to decrease by 0.7 percentage points next year

Việt Nam is expected to continue pursuing a looser monetary policy, with interest rates forecast to decrease by 0.7 percentage points next year.
Agribank named in Top 10 Vietnam Excellent Brands 2024

Agribank named in Top 10 Vietnam Excellent Brands 2024

With the theme "Pioneering in Green Investment", the Vietnam Excellent Brands Program 2024 conducted a survey, evaluated and honored business brands with outstanding achievements in production, business, trade and service activities towards green growth and sustainable development.
Banks show positive results during third quarter

Banks show positive results during third quarter

Several banks have recently announced startling business performance results in the third quarter of 2024 and the first nine months of 2024.
View more
Latest Most Read
A series of scientific seminars on influenza prevention

A series of scientific seminars on influenza prevention

In Ho Chi Minh City, Sanofi Southeast Asia and India successfully organized and leveraged a series of scientific seminars on influenza, attracting over 400 healthcare professionals from both the region and around the globe.
Prudential applies AI to streamline claims processing

Prudential applies AI to streamline claims processing

(VEN) - In recent years, digital transformation in Vietnam has made significant strides. Efforts to digitize administrative procedures, such as the chip-based citizen ID cards and online public services, have placed Vietnam at the rank 71 out of 193 in the 2024 E-Government Development Index.
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Generali Vietnam 13-year journey to build “The hundred points of trust”

Generali Vietnam 13-year journey to build “The hundred points of trust”

(VEN) - The milestone of 100 agency offices nationwide is the sweet fruit of more than a decade of Generali’s participation in the Vietnamese life insurance market, showing its long-term commitment to the mission of becoming a “Lifetime Partner” of millions of Vietnamese families.
PJICO: 30 years of development

PJICO: 30 years of development

(VEN) - Throughout the past 30 years of establishment and development, Petrolimex Insurance Corporation (PJICO) has solidified its position in the non-life insurance sector and overcame numerous challenges.
strengthening vietnam cambodia friendship and cooperation

Strengthening Vietnam-Cambodia friendship and cooperation

Chairman of the National Assembly Tran Thanh Man leads a high-ranking delegation to make an official visit to Cambodia, and attend some international events hosted by the neighboring country on November 21 to 24.
vietnam malaysia strategic partnership

Vietnam - Malaysia Strategic Partnership

Since the establishment of diplomatic relations, the relationship between Vietnam and Malaysia has been continuously strengthened and developed positively across all areas, especially since it was upgraded to a Strategic Partnership in August 2015.
vietnam dominican republic strengthening cooperation

Vietnam, Dominican Republic strengthening cooperation

At the invitation of Dominican President Luis Rodolfo Abinader Corona and his spouse, Prime Minister Pham Minh Chinh and his spouse, accompanied by a high-level Vietnamese delegation, pay an official visit to the Dominican Republic from November 19 to 21, 2024. This visit holds significant importance as it marks the first official trip by a Vietnamese leader to the Dominican Republic, taking place ahead of the 20th anniversary of diplomatic ties between the two nations (July 7, 2005 – July 7, 2025).
vietnam brazil strategic partnership

Vietnam - Brazil strategic partnership

During his trip to Brazil from November 16-19 for the G20 Summit and bilateral engagements, Prime Minister Pham Minh Chinh held talks with Brazilian President Luiz Inácio Lula da Silva. The two leaders agreed to elevate the Vietnam-Brazil bilateral relations to a Strategic Partnership and issue a joint statement on the upgrade of the ties.
nhon hanoi station elevated urban railway comes into operation

Nhon - Hanoi Station elevated urban railway comes into operation

The elevated section of the pilot Nhon - Hanoi Station urban railway project has officially entered commercial operation, three months after its debut. This marks a pioneering step toward green transformation, laying the foundation for the capital's public and sustainable transportation development.
New decree on using telecommunications accounts for payment proposed

New decree on using telecommunications accounts for payment proposed

Currently, the use of a telecommunications account to pay for small-value goods and services in the country, called Mobile-Money service, is being implemented in a pilot programme.
Parliament approves amendments to pharmacy law

Parliament approves amendments to pharmacy law

On drug price management, the NA Standing Committee reviewed and concurred with the Government’s proposal to implement measures for publishing projected wholesale prices for prescription drugs.
VAT tax reduction should continue until mid-2025: Ministry

VAT tax reduction should continue until mid-2025: Ministry

Hanoi - The Ministry of Finance (MoF) has proposed Vietnam's value-added-tax (VAT) reduction should continue until at least June 2025, saying the tax cut has provided both the business community and the economy with much-needed support.
NA deputies scrutinise investment policy for North-South high-speed railway project

NA deputies scrutinise investment policy for North-South high-speed railway project

The preliminary total investment for the project is estimated at VNĐ1.7 quadrillion (around US$67.34 billion). To ensure its progress and success, 19 special policies have been proposed.
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Tra fish sector aiming for production, processing greening for sustainable development

Tra fish sector aiming for production, processing greening for sustainable development

HCM City - Greening production and processing to meet export requirements is both a trend and a necessity for many industries, including the tra fish sector.
Solutions discussed to ensure coal supply for electricity generation in 2025

Solutions discussed to ensure coal supply for electricity generation in 2025

Việt Nam Electricity (EVN), Việt Nam National Coal and Mineral Industries Holding Corporation Limited (TKV), and Đông Bắc Corporation have proposed solutions to secure sufficient coal for power generation as thermoelectricity is expected to rise significantly to meet 2025's socio-economic power demand.
Garment industry targets 47-48 billion USD in export turnover next year

Garment industry targets 47-48 billion USD in export turnover next year

Hanoi – Vietnam’s textile and garment industry aims to achieve 47–48 billion USD in export turnover in 2025, according to Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS).
Workshop seeks ways to attract Japan’s green investment to Vietnam

Workshop seeks ways to attract Japan’s green investment to Vietnam

A workshop was held in Tokyo on November 18 to introduce to Japanese businesses investment trends in Vietnam and its pioneering industrial parks with carbon neutral initiatives.
Government approves investment policy to build Cam Lien Industrial Park in Quang Binh

Government approves investment policy to build Cam Lien Industrial Park in Quang Binh

On November 16, the leader of the Quang Binh Provincial Economic Zone Management Board said that the Government had just approved the investment policy for Cam Lien Industrial Park.
Disbursement of public investment must be accelerated: Deputy PM

Disbursement of public investment must be accelerated: Deputy PM

Deputy Prime Minister Ho Duc Phoc has called on ministries, agencies, and localities to accelerate the disbursement of public investment from now until the year-end and further tighten investment management.
LG plans to pour further US$1 billion investment into Vietnam

LG plans to pour further US$1 billion investment into Vietnam

The Republic of Korea (RoK)’s LG Displays Co. Ltd has been licensed to raise its investment in a factory in Hai Phong city, northern Vietnam, by US$1 billion.
HDBank wins three awards at Vietnam Listed Company Awards 2024

HDBank wins three awards at Vietnam Listed Company Awards 2024

The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank - HoSE: HDB) has received three prestigious awards at the Vietnam Listed Company Awards 2024, highlighting its leadership in the banking sector, as well as its dedication to transparency and governance.
VIB, Flywire partner to streamline cross-border payments for students from Vietnam

VIB, Flywire partner to streamline cross-border payments for students from Vietnam

Vietnam International Bank (VIB) has announced a partnership with Flywire, a global payments enablement and software company based in Boston, to enable Vietnamese payers to digitally pay international education-related fees in their local currency to higher education institutions all over the world.
Vietcombank issues 2 trillion VND worth of green bonds for first time

Vietcombank issues 2 trillion VND worth of green bonds for first time

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has successfully issued 2 trillion VND worth of green bonds, the first of its kind, to support eco-friendly projects.
UK stands ready to help Vietnam build international financial hub

UK stands ready to help Vietnam build international financial hub

The UK’s support for Vietnam in establishing an international financial hub is a significant development that reflects the growing economic ties between the two nations.
Significant progress in fisheries

Significant progress in fisheries' environmental protection but challenges remain

All provinces and cities across the country had issued plans and directives to implement specific activities of the project in line with local conditions.
Hà Nội prepares for temperature drop as cold front approaches

Hà Nội prepares for temperature drop as cold front approaches

According to the NCHMF, the cold front will result in temperatures dropping sharply across the northern region.
Hundreds of damaged irrigation reservoirs need repairing

Hundreds of damaged irrigation reservoirs need repairing

Việt Nam's system of dams and reservoirs is facing numerous challenges. Unusual rainfall patterns, flash floods due to climate change and the degradation of many structures pose significant safety risks.
Greening e-commerce crucial for sustainable development

Greening e-commerce crucial for sustainable development

(VEN) - While e-commerce has emerged as a leading sector of the digital economy, driving economic growth and leading the digital transformation of businesses, it has also resulted in significant waste with adverse environmental impacts.
Việt Nam and Korean NIPA strengthen tech cooperation

Việt Nam and Korean NIPA strengthen tech cooperation

The Minister of Information and Communications, Nguyễn Mạnh Hùng, commended NIPA for its contributions in assisting Việt Nam in establishing a legal framework for the draft digital industry law.
Cyberattack risks surge with AI advancements

Cyberattack risks surge with AI advancements

Cyberattacks are becoming more sophisticated and complex, especially with the assistance of artifical intelligence (AI), said Deputy Minister of Information and Communications Bùi Hoàng Phương.
People, community at heart of digital transformation: Deputy PM

People, community at heart of digital transformation: Deputy PM

He called on countries and organisations to bolster close cooperation to build an Internet community of safety, responsibility and development while laying stress on Việt Nam's significant progress in the digital transformation programme.
AI is core technology of 4th Industrial Revolution: Minister

AI is core technology of 4th Industrial Revolution: Minister

Minister of Information and Communications Nguyen Manh Hung on November 19 emphasised that artificial intelligence (AI) is the core technology of the 4th Industrial Revolution, as important as the steam engine of the first Industrial Revolution, the power generator of the 2nd Industrial Revolution and the personal computer of the 3rd Industrial Revolution.
A series of scientific seminars on influenza prevention

A series of scientific seminars on influenza prevention

In Ho Chi Minh City, Sanofi Southeast Asia and India successfully organized and leveraged a series of scientific seminars on influenza, attracting over 400 healthcare professionals from both the region and around the globe.
Insurance Association of Vietnam: 25-year journey of growth

Insurance Association of Vietnam: 25-year journey of growth

(VEN) - The Insurance Association of Vietnam (IAV) was established under Decision 51/1999/QD/BTCCBCP dated July 9, 1999 of the Government’s Commission for Organization and Personnel (now the Ministry of Home Affairs). Over the past 25 years of development, the association has affirmed its vital role in the Vietnamese insurance market.
MoIT supports insurance companies in consumer right protection

MoIT supports insurance companies in consumer right protection

(VEN) - Recently, apart from inspection, the Ministry of Industry and Trade (MoIT) has guided insurance companies to research, formulate and perfect policies to protect the legitimate rights of consumers. Vietnam Economic News’ Nga Duong had an interview with Nguyen Quynh Anh, Vice Chairwoman of the National Competition Commission (NCC) on this issue.
Việt Nam-UK Institute plans for an international university

Việt Nam-UK Institute plans for an international university

The Việt Nam-UK Institute for Research and Executive Education (VNUK) under the Đà Nẵng University will be turned into an international university – a key base of the Đà Nẵng University – in the 2030-50 Master Plan.
PJICO: 30 years of development

PJICO: 30 years of development

(VEN) - Throughout the past 30 years of establishment and development, Petrolimex Insurance Corporation (PJICO) has solidified its position in the non-life insurance sector and overcame numerous challenges.
VN takes part in food and beverage fair in Chicago

VN takes part in food and beverage fair in Chicago

The event is organised by the Private Label Manufacturers' Association (PLMA).
Hòa Bình honey awaits reactions from UK

Hòa Bình honey awaits reactions from UK

Farmers, producers, and the agricultural authorities in Hòa Bình Province are waiting for feedback on their locally produced honey, which was exported for the first time to the UK last month.
Post-Typhoon Yagi trade networking event starts in Hải Dương

Post-Typhoon Yagi trade networking event starts in Hải Dương

The Hải Dương Handicrafts Association and Nam Vũ Clean Agricultural Cooperative organised a trade event in Thanh Hà District to help local businesses expand markets and find partners after Typhoon Yagi.
tcty-dau-khi-vn-pv-power-2022
Cultural activities celebrate Việt Nam Heritage Day

Cultural activities celebrate Việt Nam Heritage Day

One hundred paintings from traditional folk painting villages in Việt Nam will go on display at the central city’s Fine Arts Museum in celebration of Heritage Day from November 22-30.
Bac Ninh Province: Dong Ho folk painting needs urgent safeguarding

Bac Ninh Province: Dong Ho folk painting needs urgent safeguarding

(VEN) - Dong Ho folk painting village, located in Dong Khe Hamlet, Song Ho Commune, Thuan Thanh Town, Bac Ninh Province, boasts an over-400-year history. Its origin is tied to the Vietnamese tradition of hanging paintings during the Lunar New Year (Tet), the Mid-Autumn Festival, and ancestor worship.
Vietnamese designers tell stories of culture at Fashion Week

Vietnamese designers tell stories of culture at Fashion Week

Vietnamese fashion designers took audiences in Hà Nội on a journey to explore the country’s culture and heritage through their new collections presented at the Aquafina Việt Nam International Fashion Week (AVIFW) Fall/Winter 2024.
Creative City promotes socio-economic development, says expert

Creative City promotes socio-economic development, says expert

The design festival became one of Hà Nội's commitments after joining UNESCO's Creative Cities Network in 2019.
Golden time for community-based tourism development

Golden time for community-based tourism development

(VEN) - Community-based tourism is a model in which local communities provide tourists with products and services and share the benefits generated by tourism.
Christmas Festival to entertain visitors to Đà Nẵng

Christmas Festival to entertain visitors to Đà Nẵng

A public space in celebration of Christmas Day and New Year – Danang X’mas-New Year – will be opened at the pedestrian area and stages on the Hàn River banks near the Rồng (Dragon) Bridge from December 19 to January 2, offering entertainment and festive activities for all residents and visitors.
How trekking the mountains lifted me up and above ... the clouds: conquering Lùng Cúng

How trekking the mountains lifted me up and above ... the clouds: conquering Lùng Cúng

Not only is trekking to the top of a mountain an active physical workout and you get a clean intake of oxygen, it is about the joy of overcoming yourself.
Blooming buckwheat flowers on Ha Giang roads

Blooming buckwheat flowers on Ha Giang roads

(VEN) - When buckwheat flowers on the hills and in the valleys of the Dong Van karst plateau bloom, it is also the peak tourist season in the Northernmost province of Ha Giang.
Mobile Version