Vietnam's International Financial Center opens new avenues for UK investment
Vietnam's planned International Financial Center is expected to deepen UK-Vietnam financial cooperation and help businesses capitalize on opportunities under the bilateral free trade agreement.
Vietnam's planned International Financial Center (IFC) is set to strengthen financial ties between the UK and Vietnam, unlocking new investment opportunities under the bilateral free trade agreement. Representatives from a November 5th forum on the matter agreed that the IFC could help capitalize on existing commitments, deepen cooperation and facilitate businesses' integration into global value chains.
British Ambassador to Vietnam, Joshua Asworth, reported that bilateral trade had surged to over £10 billion since the UK-Vietnam Free Trade Agreement (UKVFTA) began five years ago, doubling from its 2020 level. He noted heightened demand for services such as insurance, investment and digital financial solutions from UK businesses.
The IFC's potential attracted attention from UK firms, especially in areas like trade finance, capital markets, derivatives, green finance and fintech. Green finance could involve green bonds, transition finance and carbon markets, while fintech partnerships might focus on digital payments, innovation, regulatory sandboxes and artificial intelligence.
Assoc. Prof. Dr. Nghiem Thi Tha, Vice Chairwoman and General Secretary of Vietnam's Financial Consultants Association, highlighted that UK experience could guide Vietnam in organizing financial markets, connecting international capital flows, and building sustainable cooperation networks. She stressed the importance of clear information for investors on their rights, administrative procedures, dispute resolution mechanisms, and risk protection.
Nguyen Minh Khoi of the Tony Blair Institute for Global Change echoed this view, arguing the IFC should do more than mobilize capital. It should equip businesses with tools to expand production, boost exports and participate in international value chains. Khoi stressed that the center should cater to practical business needs in cross-border transactions while enhancing links with manufacturing, green finance, logistics and innovation.
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