Participants at the seminar (Photo: VNA) London (VNA) – Representatives from financial andinvestment organisations, banks, insurance firms, and major businesses of the UK gathered at a seminar in London on October 23 to discuss experiences in developinginternational finance hubs, and relevant orientations for Ho Chi Minh City ofVietnam.
The event is part of the activities to celebratethe 50th founding anniversary of the diplomatic ties between the twocountries.
In his remarks, Vietnamese Ambassador Nguyen Hoang Long said developing aninternational financial centre in HCM City is one of the key projects in thestrategic partnership between Vietnam and the UK.
As one of the world's leading financial centre with extensiveexperience in supporting the development of international financial hubs suchas Hong Kong (China), Singapore, and Dubai, London is the most suitable partnerfor Vietnam to collaborate on establishing an international financial centre inthe southern metropolis, the diplomat stressed.
Accordingto Vice Chairman of the municipal People’s Committee Vo Van Hoan, the city hasalready completed a draft plan for building a financial centre and submitted itto the government.
NicolaWatkinson, Managing Director of TheCityUK, stated that Vietnam is one of the attractive financial markets thanks to its high economic growth, which is suitablefor financial services of the UK.
With its dynamic economy and commitment to carbon neutrality,Vietnam offers numerous opportunities for UK investors, she said, adding that TheCityUKand its members are eager to provide effective support to Vietnam in itsjourney to develop an international financial centre.
The establishment of an international financial centre in HCMCity holds great promise, Senior Partner at Michelmores Andrew Oldland said, emphasisingthe importance of developing a strategy for the scheme in the coming time.
Theproposal to build Vietnam's international financial centre in HCM City isoutlined in the 10-year socio-economic development strategy report (2021-2030)and was approved during the 13th National Party Congress.
A representative from the Ho Chi Minh City Finance and Investment State-owned Company (HFIC) provided updates on a project to establish a financial centre in HCM City, challenges in implementing the project, and the firm’s desire to learn from the experiences of UK partners in this field.
Participants discussed mechanisms, policies and legal frameworks related to the establishment, management, and operation of financial centres; and those to attract internationalinvestors as well as potential areasfor collaboration such as fintech, digital transformation, legal services, andinternational arbitration./.
