New step in Vietnam-UK financial relations

(Chinhphu.vn) - Under the witness of General Secretary To Lam, Minister of Finance Nguyen Van Thang handed over cooperation documents between Vietnam and the United Kingdom of Great Britain and Northern Ireland, opening a period of comprehensive cooperation in the fields of finance, customs, energy and sustainable development.

Under the witness of General Secretary To Lam, Minister of Finance Nguyen Van Thang exchanged important cooperation documents with British partners.

Promoting financial cooperation, customs and green growth

Within the framework of the Vietnam - UK High-Level Economic Conference during the State visit to the United Kingdom of Great Britain and Northern Ireland, on the morning of October 30, 2025 (local time), in London, under the witness of General Secretary To Lam, Minister of Finance Nguyen Van Thang exchanged important cooperation documents with British partners.

The documents include: Agreement between the Government of Vietnam and the Government of the United Kingdom on Cooperation and Mutual Administrative Assistance in the field of customs; and Memoranda of Understanding (MoUs) between the Ministry of Finance of Vietnam and many major UK financial agencies and institutions such as the UK Foreign and Development Office (FCDO), UK Export Credit Agency (UKEF), JP Morgan Bank, The CityUK.

These documents are of profound significance, not only contributing to strengthening bilateral friendship, but also opening up new opportunities for economic and financial cooperation, promoting Vietnam's deeper integration into the global financial system.

First of all, in the customs field, the Agreement on Cooperation and Mutual Administrative Assistance lays a comprehensive legal foundation to enhance coordination between the two countries in customs management and enforcement. Thanks to that, import and export activities between the two countries will be more convenient, faster and more transparent, while supporting the fight against trade fraud, smuggling and customs violations.

This agreement is also an important step forward to help Vietnamese and British businesses access information, processes, and modernized customs procedures, thereby increasing competitiveness and efficiency of bilateral trade.

Promoting green finance and energy transition

Notably, the UK is currently co-chairing the International Donors Group (IPG) with the European Union within the framework of JETP – the Just Energy Transition Partnership in Vietnam. Therefore, the signing of the Memorandum of Understanding on cooperation in the field of green finance with FCDO is a strategic step to promote sustainable finance, "greening" the capital market, and mobilizing public, private and international resources for green growth goals.

This cooperation is even more meaningful as Vietnam and the UK have just upgraded their relationship to a Comprehensive Strategic Partnership. The Memorandum of Understanding helps both sides strengthen coordination in developing clean energy, green infrastructure, and improving resilience to climate change, thereby contributing to realizing the Net Zero commitment by 2050.

In addition, the Ministry of Finance of Vietnam and The CityUK – an organization representing the financial services industry – signed a Memorandum of Understanding on cooperation towards building and operating an international financial center in Vietnam.

Through this agreement, the two sides will exchange experiences, train human resources, and develop a suitable legal framework for the formation of a modern financial center according to international standards. With the advantage of London - a global financial center, cooperation with The CityUK is expected to help Vietnam increase its attraction of investment capital, fintech and international insurance, while supporting the development of the domestic financial market.

Expanding capital mobilization and increasing financial sustainability

Meanwhile, the Memorandum of Understanding between the Ministry of Finance and JP Morgan Bank marks the cooperation between Vietnam and a leading financial institution in the world. This agreement helps Vietnam expand its international capital mobilization channels, strengthen sustainable public debt management and enhance the country's reputation in the global financial market.

In addition, the Memorandum of Understanding between the Ministry of Finance and the UK Export Credit Facility (UKEF) lays the foundation for cooperation in financing projects in Vietnam with export elements from the UK. This cooperation will increase high-quality capital flows and promote bilateral economic and financial relations.

The documents signed and exchanged on this occasion are the result of active and proactive cooperation between the Vietnamese Ministry of Finance and UK partner organizations. These results reflect the will and vision of the two countries’ leaders in promoting economic, financial, green energy and innovation cooperation.

Thus, the document exchange event in London witnessed by General Secretary To Lam not only opened a new chapter in Vietnam-UK cooperation, but also created a foundation for concrete steps towards more sustainable, comprehensive and effective development between the two economies.

Mr. Minh

Source: https://baochinhphu.vn/buoc-tien-moi-trong-quan-he-tai-chinh-viet-nam-anh-10225103111054444.htm