UK stands ready to support Viet Nam to develop financial services: London Lord Mayor

The British official made the above statement while addressing the UK-Viet Nam High-level International Financial Center (IFC) Conference which took place in Ha Noi on September 15.

King said, Viet Nam is one of the most dynamic and fastest-growing economies in the ASEAN region and a manufacturing powerhouse experiencing rapid economic growth and social transformation.

As the Southeast Asian nation continues along the upwards growth trajectory, there are tremendous opportunities to deepen links with the UK already a trusted trade and investment partner.

Indeed, supported by the UK-Viet Nam Free Trade Agreement, two-way trade increased by 30 percent to £9 billion by the end of the first quarter this year.

By cultivating a strong IFC, Viet Nam can generate high-value employment opportunities, attract international investment, and develop liquid capital markets - all of which are essential ingredients for long-term growth.

As Viet Nam aims to use the IFC to mobilize capital to meet its climate change targets, London can offer expertise in key areas like sustainable finance data, research, advisory, legal services, sustainable asset management and bond issuances, he asserted.

Speaking at the opening ceremony, Standing Deputy Prime Minister Nguyen Hoa Binh said, the conference is a step toward realizing the commitment of both sides to jointly develop an IFC in Viet Nam.

It serves as a testament to the close and increasingly effective cooperation between Viet Nam and the UK, stressed Nguyen.

According to Standing Deputy Prime Minister, the Vietnamese National Assembly has passed a resolution to establish an IFC in Ho Chi Minh City and Da Nang City.

He expressed his hope that the UK and the City of London would continue to support and accompany Viet Nam, particularly in promoting and introducing the IFC, connecting investors, and attracting resources from London to participate in Viet Nam's financial market./.