Vietnam and the UK upgrade their relationship to a Comprehensive Strategic Partnership, promoting extensive cooperation in finance, trade and sustainable development.

During the official visit to the UK by General Secretary To Lam on October 28-30, Vietnam and the UK officially upgraded their relationship to a Comprehensive Strategic Partnership. The event marked a significant development after more than half a decade of implementing the Strategic Partnership and opened a period of deeper and more practical cooperation in many important areas, especially energy, finance and technology.

According to the joint statement on upgrading relations, the two sides agreed to strengthen cooperation in developing Vietnam's International Financial Centers in Ho Chi Minh City and Da Nang, including through the Vietnam-UK International Financial Center Partnership framework.

The initiative will leverage the UK’s experience as a global financial centre and green capital markets hub, and deepen economic cooperation between the two countries in the financial and professional services sectors.

Through knowledge exchange, the two sides will share policies, legal approaches and experience in managing the financial system; promote the development of capital markets, financial technology (fintech), green finance and insurance.

Representatives of British businesses attended the seminar. Photo: VNA

As part of the visit, the Vietnamese Ministry of Finance and the Vietnamese Embassy in the UK jointly organized the Vietnam-UK Business Dialogue, with the participation of General Secretary To Lam and high-ranking delegations from both countries. The program attracted representatives of many large enterprises in the fields of energy, finance, technology and creative industries from both countries.

The workshop recorded a lively, frank and substantive discussion on renewable energy, green transformation, finance and technology. Deputy Prime Minister Nguyen Hoa Binh was pleased to see the high consensus and strong determination of both sides in promoting cooperation. The two sides shared profound perspectives and proposed many very practical initiatives.

In the field of finance and technology, senior delegates and business representatives discussed in depth the potential for capital market development, the important role of the insurance market, the application of international legal standards as well as English common law and especially the determination to build a modern and competitive international financial center in Ho Chi Minh City and Da Nang. Experiences from the London Financial District (TheCityUK) and leading financial groups, such as Dragon Capital and Prudential, are valuable references for Vietnam.

Mr. Kevin Kwon - General Director of Prudential Vietnam participated in the discussion at the seminar. Photo: Prudential Vietnam

In the discussion on the financial and insurance ecosystem, delegates from both countries emphasized the essential role of the insurance market in building a modern, stable and inclusive financial system. According to the study “Beyond Coverage – The Social and Economic Impact of Insurance in ASEAN” recently published by Prudential, expanding financial protection for Vietnamese people can promote sustainable GDP growth, even when the coverage of protection increases to 50%, it can contribute to about 5% of annual GDP growth. While the rate of people participating in life insurance in Vietnam is still modest, this gap is considered not a limitation but a huge room to promote long-term, sustainable financial development.

Major British financial companies are actively operating in Vietnam, accompanying the process of perfecting the legal framework according to international standards. A typical representative is Prudential, a British insurance group present in Vietnam since 1999, contributing to the development of the market and promoting sustainable finance over the past 26 years.

Three common messages emphasized at the seminar include: Vietnam continues to be a strategic, safe and highly potential investment destination, a bright spot attracting high-quality international capital flows in the context of a reshaping global economy. The Vietnam-UK Comprehensive Strategic Partnership creates momentum for breakthrough and substantive cooperation between the business community. Vietnam's strong development aspirations in the new era, with the goal of double-digit GDP growth from 2026 and becoming a developed country by 2045, opens up a very large space for cooperation.

Source: https://baotintuc.vn/doanh-nghiep-doanh-nhan/viet-nam-va-anh-nang-cap-quan-he-len-doi-tac-chien-luoc-toan-dien-thuc-day-hop-tac-sau-rong-trong-tai-chinh-thuong-mai-va-phat-trien-ben-vung-20251031114338218.htm