British businesses interested in international financial center model in Vietnam

1.hoinghithuongdinh5-11.jpg — Mr. Denzel Eades, Chairman of the British Business Association in Vietnam, spoke at the conference. *Photo: Organizing Committee*

With the theme “Exploiting opportunities and implementing practical activities after upgrading the comprehensive strategic partnership”, the conference gathered about 200 delegates who are managers and businessmen from leading British and Vietnamese companies operating in Vietnam.

The conference took place in the context of General Secretary To Lam's official visit to the UK, and the two countries officially upgraded their Comprehensive Strategic Partnership.

The conference focused on discussing important pillars, including: Renewable Energy, ESG and the roadmap to build an International Financial Center in Ho Chi Minh City and Da Nang. The discussions delved into the opportunities and challenges in the new cooperation context, especially promoting green growth and developing capital resources.

Speaking at the conference, Mr. Denzel Eades, Chairman of the British Business Group in Vietnam, said that bilateral trade turnover has increased to 9 billion USD and foreign direct investment between the two countries has now exceeded 4.5 billion USD. Recent developments have helped the bilateral relationship enter a new, stronger phase. This is built on trust and good results in the economic relationship, following the UK-Vietnam Free Trade Agreement (UKVFTA) and the UK's accession to the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP).

“Vietnam’s push to build an International Financial Centre in Ho Chi Minh City and Da Nang, as one of its new growth pillars, has attracted great interest from British businesses. This is expected to deepen the bilateral relationship and promote the key strengths of the UK-Vietnam relationship,” Mr. Denzel Eades emphasized.

2.hoinghithuongdinh5-11.jpg — Mr. Nguyen Viet San, Deputy Director of the Department of Foreign Market Development (Ministry of Industry and Trade) spoke. *Photo: Organizing Committee*

At the conference, Mr. Nguyen Viet San, Deputy Director of the Department of Foreign Market Development (Ministry of Industry and Trade) said that Vietnam is steadfastly moving towards a growth model based on innovation, digital transformation and sustainable development. This is also the strength of the UK - a country with the world's leading technology, finance and education ecosystem.

Vietnam wishes to promote cooperation with countries around the world, including the UK, in the fields of high technology, semiconductor chips, smart manufacturing, digital economy, circular economy, sustainable standardization in supply chains, while at the same time, enhancing the training of high-quality human resources suitable to the requirements of future industries.

The Just Energy Transition (JETP) is a prominent pillar of cooperation between Vietnam and the UK. Vietnam highly appreciates the UK Government’s commitment to proposing 12 projects under the JETP framework and also highly appreciates the UK’s goodwill in arranging more than 300 million USD for Vietnam from now until 2027 in the plan to mobilize resources to implement JETP projects.

Vietnam encourages Vietnamese and UK businesses to cooperate and exploit opportunities in the fields of trade, services, digital economy and knowledge economy. In the coming time, the Vietnamese Government will continue to improve institutions and improve the investment and business environment towards increasing transparency and equality for foreign investors.

“With a shared vision of innovation, green growth and financial cooperation, along with the dynamism of the business communities between the two countries, we can expect a new breakthrough period,” said Mr. Nguyen Viet San.

Source: https://hanoimoi.vn/doanh-nghiep-anh-quan-tam-mo-hinh-trung-tam-tai-chinh-quoc-te-tai-viet-nam-722201.html