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UK supports regional financial and business center development in Viet Nam

VGP - TheCity UK has been appointed by the UK government to support Viet Nam in realizing her ambitions of developing a regional financial and business center in Ho Chi Minh City, according to the British Embassy in Viet Nam.

February 23, 2023 10:21 PM GMT+7
UK supports regional financial and business centre development in Viet Nam - Ảnh 1.

Ho Chi Minh City - Photo: The Internet

In partnership with the UK Government, TheCityUK will provide technical support to help create a business and regulatory environment in Viet Nam that is attractive to global investors and will further strengthen bilateral ties between the UK and Viet Nam.

As a high-growth emerging market, Viet Nam's dynamic economy, ambition, and vision to become a high-income country by 2045 and commitment to transitioning to net zero offers great potential for UK-based financial and related professional services firms. 

This project will see TheCityUK working alongside the UK Government to bring together regulators and firms across the industry in both the UK and Viet Nam to share the best practice and develop recommendations that will support Viet Nam's long-term sustainable growth and attract UK and international investors.

The collaboration underlines the deep partnership between the two countries which are currently celebrating 50 years of diplomatic relations.

Miles Celic, Chief Executive Officer of TheCityUK, expressed his delight to work in collaboration with the UK Government and British Embassy in Ha Noi to support the development of Viet Nam's regional financial and business centre in Ho Chi Minh City. 

Viet Nam is a hugely exciting country with a compelling story for growth and prosperity. Given the country's rapid development and increased demand for sophisticated financial products, there is great potential for British firms and other international investors to enter the market, he noted. 

Ensuring robust regulatory, policy and legal frameworks and an open business environment will be essential to its success, shared Miles Celic. 

As one of the world's leading international financial centers, the UK is well placed to support Viet Nam's ambitions and provide technical expertise. There will also be mutual benefits gained through the sharing expertise in key areas such as green finance, innovation and digital transformation and the net-zero transition, he added. 

According to Iain Frew, British Ambassador to Viet Nam, supporting the development of Ho Chi Minh City as a regional financial and business center is another example of the strong bilateral relations between the UK and Viet Nam. 

"Viet Nam is a high-growth, dynamic market and by working collaboratively on this important project and sharing UK expertise on a sector where it has clear global market strength, we hope to align our mutual policy priorities and support long-term sustainable growth across the country", he asserted.