Deputy Prime Minister Nguyen Hoa Binh met with Financial Secretary to the Treasury Lord Livermore to discuss economic, trade, and investment cooperation between the two countries during his working visit to the UK on March 17.

Deputy PM Binh affirmed that the UK is a key strategic partner of Vietnam, with strong cooperation through mechanisms such as the UK-Vietnam Free Trade Agreement (UKVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). He highlighted that the UK is Vietnam’s third-largest trading partner in Europe, while Vietnam is the UK's second-largest partner in ASEAN.

Vietnam is prioritizing two key cooperation objectives: boosting bilateral trade and attracting British investment in major projects, including offshore wind power and green finance. The Deputy PM introduced Vietnam’s plan to develop an International Financial Center (IFC) and sought the UK's expertise in policy promotion and investor attraction. He emphasized that Vietnam has been actively refining its legal framework to facilitate foreign investment in renewable energy.

For his part, Lord Livermore hailed the strong economic ties between the two countries, noting that bilateral trade has doubled from EUR3 billion to EUR6 billion in recent years. He underscored that the UK’s accession to the CPTPP would unlock further cooperation opportunities.

During a separate meeting with Vincent Keaveny, the Lord Mayor of the City of London the same day, Deputy PM Binh highlighted Vietnam’s plan to establish financial hubs in Ho Chi Minh City and Da Nang. He sought London's support in legal framework development, financial center management, and talent training through personnel exchange programs.

Lord Mayor Keaveny affirmed London's willingness to assist Vietnam in this endeavor and emphasized five core principles for a successful financial center, including an open business environment, a transparent legal framework, an effective dispute resolution mechanism, digital infrastructure, and high-quality human resources.

Legal experts and judges present at the meeting offered to support Vietnam in drafting policies and training international financial judges.

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