UK backs regional financial and business centre development in Vietnam

In partnership with the UK Government, TheCityUK will provide technical support in order to help create a business and regulatory environment in the nation that is attractive to global investors whilst further strengthening bilateral ties between the UK and the country.

Furthermore, the project will see TheCityUK working alongside the UK Government in order to bring together regulators and firms across the industry in both the UK and Vietnam, whilst sharing best practices and developing recommendations that will support long-term sustainable Vietnamese growth, duly attracting investors from the UK and other international markets.

The collaboration underlines the deep partnership that exists between the two countries amid both sides celebrating 50 years of diplomatic relations.

Miles Celic, chief executive officer of TheCityUK, said that Vietnam represents a hugely exciting country with a compelling story for growth and prosperity. Given the nation’s rapid development and increased demand for sophisticated financial products, there remains great potential for British firms and other international investors to enter this market.

Ensuring robust regulatory, policy, and legal frameworks, as well as an open business environment, will therefore be essential to its success.
“As one of the world’s leading international financial centres, the UK is well placed to support Vietnam’s ambitions and provide technical expertise. There will also be mutual benefits gained through the sharing expertise in key areas such as green finance, innovation and digital transformation and the net-zero transition,” he said.

British Ambassador to Vietnam Iain Frew said that supporting the development of Ho Chi Minh City as a regional financial and business centre represents another example of the strong bilateral relations that exist between the UK and Vietnam.

Vietnam can be viewed as a high-growth and dynamic market, therefore by working collaboratively on this important project and sharing UK expertise on a sector where it has clear global market strengths, there is hope that mutual policy priorities match to support long-term sustainable growth across the country.

Vietnamese Ambassador to the UK Nguyen Hoang Long said that establishing a regional financial and business centre in Ho Chi Minh City will play a key part of the Vietnamese Government’s Economic and Social Development Strategy.

"Vietnam has a dynamic economy, good global links and a clear vision on how to become a high-income country by 2045. This, coupled with support from the UK Government and its world-renowned financial and related professional services industry, makes us confident that Vietnam will be an attractive proposition to international investors," he said.