HÀ NỘI — Permanent Deputy Prime Minister Nguyễn Hòa Bình has called on the UK and the city of London to continue supporting and working with Việt Nam to promote and introduce its international financial centre (IFC), while addressing a high-level UK-Việt Nam IFC conference on Monday.

Bình also emphasised the importance of connecting investors and attracting resources from London to participate in Việt Nam's financial market. 

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

Việt Nam has set an ambitious goal of becoming a developed country with high income by 2045, and is committed to achieving its net zero emissions goal by 2050. 

To achieve this target, the Vietnamese Government has initiated many policies, including the establishment of the IFC.

The deputy PM said that during a Government delegation's recent visit to the UK, at meetings and exchanges with British counterparts, including top university lecturers, experts, investors and businesses, many experts considered the decision to build the IFC in Việt Nam as a necessary step. 

For years, the Tony Blair Institute had helped Việt Nam's ministries and sectors form policies to establish the IFC in Việt Nam.

Bình told participants that the Vietnamese National Assembly passed a resolution to develop the IFC in both HCM City and Đà Nẵng, and the Government had issued an action programme to implement this resolution. 

Many key tasks had already been carried out, including building a legal framework, training skilled workers, establishing globally connected infrastructure in both cities, ensuring financial security and setting up dispute settlement mechanisms within the financial centre. 

This implementation process requires the continued support of experienced partners, especially those from the UK, according to the deputy PM. 

Noting that London is one of the world’s leading and most reputable financial centres, Bình expressed his hope that through this conference, leaders from Việt Nam’s ministries and sectors as well as HCM City and Đà Nẵng would gain practical and valuable insights.

According to British Ambassador to Việt Nam Iain Frew, the conference is a special event marking a working trip to Việt Nam 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 Việt Nam, reflecting the UK’s strong and long-term commitment to cooperating with and supporting Việt Nam in building a modern, transparent and globally integrated financial system. 

Frew said he believed that as Việt Nam continues to deepen its integration into the global economy through major free trade agreements, the need for a strong financial infrastructure to support cross-border transactions had become more urgent than ever. 

Successful models like London had shown that international financial centres could significantly contribute to GDP by attracting investment, technology and innovation, he said. 

Việt Nam had already taken bold and strategic steps in this direction, the ambassador added. From the National Assembly's resolution to the Government’s action plan, Việt Nam had demonstrated its political will and strategic vision in building the IFC.

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

Meanwhile, Đà Nẵng, with its strategic location and open-minded spirit, held the potential to become a pioneer in sustainable finance, green finance and digital financial services. 

The diplomat confirmed that with centuries of experience in financial services, the UK remained ready to accompany Việt Nam on this journey. He expressed confidence that with strong leadership, strategic vision and deep international cooperation, Việt Nam would soon emerge as a dynamic and attractive financial destination in the region and the world. 

For his part, King confirmed his willingness to share experience and expertise to support Việt Nam 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 topics, including mobilising resources; international best practices for the IFCs and the importance of an independent judicial system within such centres; developing a skilled workforce for the financial centre; promoting innovation in fintech, capital markets and green finance; and principles of conduct and strategies to attract investors. — VNS