Finance minister pushes for London tie-up to build int’l financial centre
Vietnamese Minister of Finance Nguyen Van Thang expressed gratitude for the UK’s active role in supporting Vietnam’s efforts to draft a National Assembly resolution on creating an international financial centre. The City of London, he noted, provided pivotal insights and recommendations to shape the groundwork and development roadmap for this hub.
Vietnamese Minister of Finance Nguyen Van Thang (right) and Lord Mayor of the City of London Alastair King. (Photo: baochinhphu.vn)
London (VNA) – 🙈Vietnamese Minister of Finance Nguyen Van Thang has urged London’s financial hub to work closely with Ho Chi Minh City and Da Nang to develop an international financial centre in Vietnam.
During a working session in London on September 17 morning (local time) with Lord Mayor of the City of London Alastair King, Thang praised London’s financial market as a preeminent hub in Europe and globally, a status affirmed by international organisations and experts.
Thang expressed gratitude for the UK’s active role in supporting Vietnam’s efforts to draft a National Assembly resolution on creating an international financial centre. The City of London, he noted, provided pivotal insights and recommendations to shape the groundwork and development roadmap for this hub.
Under the direction of the Party General Secretary and the Prime Minister, Vietnam is advancing institutional reforms, building a legal framework and accelerating digital transformation to drive economic breakthroughs, he said.
According to him, the Vietnamese legislature already issued the Resolution No. 222 greenlighting international financial centre in Ho Chi Minh City and Da Nang, set to launch in December 2025. The legal framework draws heavily on global models, including that of London.
Thang thanked London for its expertise and collaboration, urging deeper partnerships in adopting common law systems, training financial talent, and finance. He invited UK investors and financial institutions to expand their footprint in Vietnam to bolster its stock market classification and fuel economic growth.
Lord Mayor King praised Vietnam’s resolve, consistency and close coordination in pursuing the financial centre, stressing the City of London’s readiness to share expertise and collaborate, particularly through TheCityUK. He welcomed Thang’s proposal to leverage the UK’s centuries-old common law system to cut costs and streamline dispute settlement, and pledged to connect Vietnam with partners to train and nurture financial talent.
He also voiced enthusiasm for exploring cooperation in pension financial products in Vietnam./.
The SBV’s draft decree stipulates that member banks of the IFC will not benefit from early intervention, special control measures, restructuring support, or special loans in case of distress. Instead, the resolution approach will be license revocation, dissolution, bankruptcy, and asset liquidation.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
Vietnam’s roadmap to establishing international financial centres (IFCs) hinges not only on planning, infrastructure and human capital, but above all, on attracting strategic investors, according to experts.
Vietnam is ready to deepen economic cooperation with the Association of Southeast Asian Nations (ASEAN), China and other partners, embracing a strategy of “harmonised interests and shared risks” as it leverages its fast-growing economy and market of over 100 million people.
Tay Ninh, Nghe An and Quang Tri provinces have strategic locations and significant cooperation potential, said Nguyen Thi Thai Binh, Minister-Counsellor at the Vietnamese Embassy, expressing confidence that with creativity and determination, these provinces and their Korean partners will find ample opportunities for productive collaboration.
Jointly organised by the Vinexad National Trade Fair and Advertising JSC and Yorkers Exhibition Service Vietnam, the event features 1,200 booths of more than 650 exhibitors from 20 countries and territories, including Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Singapore, Switzerland, Thailand, and the US.
Public investment should serve as a key driver of growth, acting as seed capital to catalyse and mobilise all social resources, thereby fostering economic expansion, creating jobs and livelihoods, and improving the material and spiritual well-being of the people, PM Pham Minh Chinh stated.
An official of the Foreign Trade Agency laid stress on the foundational role of rules of origin in international trade, highlighting the importance of capacity building for enforcement officers in the context of deep international integration.
Against the backdrop of the growing comprehensive strategic partnership between Vietnam and Russia, the promotion and export of Vietnam’s agricultural products not only diversify supply sources for the Russian market but also help enhance the brand values and competitiveness of Vietnamese enterprises in the market that remains untapped.
International trade is no longer merely an exchange of goods but a strategic lever enabling Vietnamese enterprises to enhance capacity, secure partnerships, and expand globally.
In the first eight months of 2025, Vietnam’s total trade value reached nearly 600 billion USD, up 16.3% year on year. Of this, exports stood at 306 billion USD, a 14.8% increase, already surpassing the full-year target.
Vietnam aims to maintain macroeconomic stability, control inflation below the target, achieve growth of 8.3-8.5%, ensure major economic balances, surpass budget revenue estimates by 25%, and control public debt, government debt, foreign debt, and budget deficit.
Reaffirming Vietnam’s commitment to foreign investors, Finance Minister Nguyen Van Thang said government policies always aim to ensure transparency, fairness and a mutually beneficial environment that promotes innovation and safeguards investor rights, making Vietnam a sustainable and long-term investment destination.
The State Bank of Vietnam must launch an official gold price information portal, study the establishment of gold exchanges, and issue guiding documents to implement the Government’s decree on the management of gold trading activities.
According to the World Bank Group, Vietnam will need approximately 368 billion USD in investment for climate adaptation and carbon reduction projects by 2040. Yet, as of the end of 2024, green credit accounted for just 4.5% of the country’s total outstanding loans.
Amidst robust digital transformation across all sectors, the food processing industry has tapped such digital technologies as Internet of Things, AI, blockchain and Big Data to optimise production process, control supply chain, and meet consumers’ demands.
The French side pledged to share technical guidelines and safety standards, with the Institute for Radiological Protection and Nuclear Safety (IRSN) ready to provide training for Vietnamese specialists.
Vietnam now has more than 940,000 private enterprises and over 5 million household businesses, contributing approximately 50% of GDP, over 30% of state budget revenue, and employing 82% of the national workforce.
Businesses underlined the need for expanding green credit and non-collateral concessional loans for circular agriculture projects, facilitating their participation in national key projects, and fostering alliances among Vietnamese enterprises as well as cooperation with regional partners.
State-owned Vietcombank currently leads the banking system with total assets exceeding 85 billion USD and a market capitalisation of over 20 billion USD, while maintaining strong financial safety indicators. Its non-performing loan ratio remains the lowest in the sector at 0.97%.
