Business

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)
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./.

VNA
#Vietnamm-UK relations #Minister of Finance Nguyen Van Thang #international financial centre #City of London
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