UK government supports regional financial and business centre development in Vietnam

22 February 2023

TheCityUK has been appointed by the UK government to support Vietnam’s ambitions of developing a regional financial and business centre in Ho Chi Minh City. In partnership with the UK Government, TheCityUK will provide technical support to help create a business and regulatory environment in Vietnam that is attractive to global investors and to further strengthen bilateral ties between the UK and Vietnam.

As a high-growth emerging market, Vietnam’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 Vietnam to share best practice and develop recommendations that will support Vietnam’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, TheCityUK, said, “We are delighted to work in collaboration with the UK Government and British Embassy in Hanoi to support the development of Vietnam’s regional financial and business centre in Ho Chi Minh City. Vietnam 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. Ensuring robust regulatory, policy and legal frameworks and an open business environment will be essential to its success.

“As one of the world’s leading international financial centres, the UK is well placed to support Vietnam’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.”

Iain Frew, British Ambassador to Vietnam, said, “Supporting the development of Ho Chi Minh City as a regional financial and business centre is another example of the strong bilateral relations between the UK and Vietnam. Vietnam 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 Mr Nguyen Hoang Long, The Ambassador of Vietnam, said, “Establishing a regional financial and business centre in Ho Chi Minh City is a key part of the Vietnamese government’s Economic and Social Development Strategy. Vietnam has a dynamic economy, good global links and a clear vision on how to become a high-income country by 2045. This, coupled with support from the UK Government and its world-renowned financial and related professional services industry, makes us confident that Vietnam will be an attractive proposition to international investors.”