International Financial Minister Proposes Collaboration with London to Establish a Global Financial Hub
In a significant development, Việt Nam's Minister of Finance, Nguyễn Văn Thắng, met with Alastair King, the Lord Mayor of the City of London, in London on September 17.
During the meeting, Thang proposed leveraging the UK's centuries-old common law system to cut costs and streamline dispute settlement. King welcomed the proposal and expressed his readiness to collaborate, praising Vietnam's resolve and consistency in pursuing the financial center.
Thang expressed gratitude for London's expertise and collaboration, urging deeper partnerships in adopting common law systems, training financial talent, and finance. The two leaders discussed potential collaboration in various financial sectors, with King pledging to connect Vietnam with partners to train and nurture financial talent.
Thang also invited UK investors and financial institutions to expand their presence in Vietnam to bolster its stock market classification and fuel economic growth. The City of London provided pivotal insights and recommendations to shape the groundwork and development roadmap for this hub.
Việt Nam is advancing institutional reforms, building a legal framework, and accelerating digital transformation to drive economic breakthroughs. In line with this, the Vietnamese legislature has issued Resolution No. 222, authorizing the establishment of an international financial center in HCM City and Đà Nẵng, with a planned launch in December 2025.
The legal framework for the Vietnamese international financial center is influenced by global models, including that of London. King voiced enthusiasm for exploring cooperation in pension financial products in Vietnam, and Nguyễn Văn Thắng urged London's financial hub to work closely with HCM City and Đà Nẵng to develop an international financial centre in Việt Nam.
Thang also expressed gratitude for the UK's role in supporting Việt Nam's efforts to create an international financial centre. International organisations and experts have affirmed London's financial market as a preeminent hub, and London's financial market is considered a preeminent hub in Europe and globally.
King stressed the City of London's readiness to share expertise and collaborate, particularly through TheCityUK. The Swiss Investment Fund for Emerging Markets (SIFEM) has announced collaboration with the international financial centers in Ho Chi Minh City and Đà Nẵng, Vietnam, by investing in funds such as Excelsior Capital Vietnam Partners II to support the expansion of local businesses.
Notably, the meeting took place under the direction of the Party General Secretary and the Prime Minister. This collaboration is a significant step towards strengthening the financial ties between the UK and Việt Nam, and it is expected to bring mutual benefits to both countries.
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