UK supports Vietnam's ambition to develop new international financial centre

That was the comment of Mayor of the City of London Michael Mainelli during his visit to Vietnam to discuss Vietnam's approach and share UK insights in building an international financial center.

Mayor of the City of London Michael Mainelli works with leaders of the State Bank of Vietnam. (Source: British Embassy)

During the four-day visit, the Lord Mayor of London met with a number of government partners, including the Ministry of Planning and Investment, the State Bank of Vietnam, the Ministry of Finance and the Central Economic Commission, to discuss Vietnam’s approach and share UK insights in building an international financial centre.

As the first Mayor of the City of London to visit Vietnam in 10 years, Mr. Michael Mainelli's visit marks the UK's desire to cooperate closely with Vietnam in particular and ASEAN in general in the field of financial services.

Accompanying the Mayor are experts from TheCityUK – a unit that has worked closely with the Vietnamese Government over the past time to provide recommendations and build capacity to support Vietnam in designing an international financial centre that reflects its dynamic and fast-growing economy.

“I am excited to visit Vietnam, a country full of opportunities in the financial services and technology sectors, after seeing first-hand the opportunities in meetings with government officials and business leaders,” said Mayor Michael Mainelli.

As the first Lord Mayor of the City of London to visit Vietnam in 10 years, this visit marks the UK's strong ambition to work closely with Vietnam in particular and ASEAN in general in financial services. I look forward to the exciting collaboration between Vietnam's new international financial centre and the City of London."

Digitalization is now the leading trend in the way businesses transact internationally and consumers access services, with digitally delivered services accounting for 79% of total services exports to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member countries in 2021, according to Michael Mainelli. Artificial intelligence (AI) can help improve the efficiency and quality of services, with many opportunities for Vietnam to increase its adoption and benefit from AI in key sectors such as education and healthcare.

During his visit, Mayor Michael Mainelli discussed the potential of AI in digital services with MoMo, one of Vietnam’s leading technology companies, as well as regulatory approaches to foster innovation with the Ministry of Information and Communications and the Ministry of Science and Technology.

He also explored opportunities to further strengthen the trade relationship between Vietnam and the UK through meetings with the Ministry of Industry and Trade and leaders of British businesses in Vietnam such as HSBC, Standard Chartered, Dragon Capital and Astra Zeneca.

Over the past decade, bilateral trade between the two countries has grown strongly, doubling from £3 billion to £6 billion by the first quarter of 2024. On December 15, the UK will officially join the CPTPP Agreement, increasing access to UK services and facilitating the movement of experts from both countries and business cooperation.

The UK is the world's second largest exporter of financial services, with exports worth £88.7bn by 2022; and is home to 170 foreign banks and branches.

Source: https://baoquocte.vn/anh-ung-ho-tham-vong-cua-viet-nam-phat-trien-trung-tam-tai-chinh-quoc-te-moi-287287.html