What areas do you believe have the greatest potential for increased cooperation between Vietnam and the UK over the next 5-10 years, particularly in AI, fintech, and the digital economy?
I see particularly strong opportunities for Vietnam-UK cooperation over the coming decade in three areas.
First, AI and digital technologies represent one of the greatest opportunities for economic growth and transformation. The UK is a global leader in AI, digital infrastructure, and cybersecurity, while Vietnam has a young, dynamic, and increasingly skilled digital workforce, alongside very ambitious plans to deepen its frontier technology capabilities. These are complementary strengths that create significant opportunities for deeper collaboration, driving innovation, accelerating digital transformation, and creating new opportunities for businesses and citizens in both countries.
Second, financial services and fintech represent natural areas for deeper collaboration. Vietnam’s rapidly-growing digital economy and its ambition to develop international financial centers in Ho Chi Minh City and Da Nang create significant opportunities for partnerships with the UK’s world-leading financial ecosystem. Areas such as digital payments, digital identity, cybersecurity, regulatory technologies (regtech), and financial inclusion are particularly promising.
Third, green growth and sustainable finance will become increasingly important as Vietnam advances its net-zero agenda and ambitions. Achieving these goals will require substantial investment in renewable energy, green infrastructure, and climate resilience. The UK has extensive experience in green finance, sustainable investment, and capital markets, which can help mobilize investment and support Vietnam’s long-term development objectives.
Together, these three areas can drive not only trade and investment but also innovation, job creation, and sustainable economic transformation.
With Vietnam aiming to develop an IFC, what role could UK businesses and its fintech ecosystem play in supporting this ambition?
I think the UK can be a very valuable partner to Vietnam along its journey toward developing an IFC, drawing particularly on London’s longstanding experience as one of the world’s leading financial hubs.
While every financial center develops according to its own strengths and priorities, there are many areas where UK expertise can support Vietnam’s ambitions. UK businesses can contribute by sharing experience in regulatory frameworks, financial market development, and international best practices to help create transparent, efficient, and competitive financial systems.
The UK’s fintech ecosystem can also bring innovative solutions in areas such as open banking, digital identity, payments, cybersecurity, regtech, and digital assets, helping to modernize financial services and improve access for businesses and consumers.
In addition, the UK has significant expertise in green finance and sustainable investment. UK firms can support the development of green finance products and innovative financing mechanisms that mobilize both domestic and international capital for sustainable growth. UK institutional investors, asset managers, banks, and professional services firms can also help strengthen connections between Vietnam’s IFC and global capital markets.
The objective is not to replicate London, but to support Vietnam in developing a financial center that reflects its own strengths while meeting international standards and attracting global investment.
After more than five years of the UK-Vietnam Free Trade Agreement (UKVFTA) being implemented, what policy bottlenecks or business environment issues do you believe should be addressed to further boost bilateral trade and investment flows?
The UKVFTA has provided a strong foundation for the bilateral relationship, and it is encouraging to see trade and investment continuing to grow since its implementation. Looking ahead, there are several areas where further progress could help unlock even greater opportunities for businesses in both countries. This builds on an already strong base, not only through the UKVFTA but also through our joint membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Therefore, this is a very exciting time.
First, continued efforts to simplify and digitize administrative procedures can help reduce costs, improve efficiency, and make it easier for businesses to access opportunities between Vietnam and the UK. Streamlined processes are particularly important for companies operating in fast-moving sectors such as technology, digital services, and advanced manufacturing.
Ongoing regulatory alignment with international standards can also facilitate trade, investment, and cross-border services. As businesses increasingly operate across multiple markets, greater regulatory predictability and consistency can help encourage investment and support innovation.
Finally, strengthening areas such as intellectual property protection, transparency, and dispute resolution can further enhance investor confidence. These issues are increasingly important as Vietnam continues to develop higher-value sectors, including technology, AI, fintech, and advanced manufacturing.
The opportunity now is to build on the success of the UKVFTA by focusing not only on increasing trade volumes but also on supporting innovation, improving investment quality, and fostering long-term strategic partnerships that contribute to the economic ambitions of both countries.
During this visit to Vietnam, I am honored to lead a UK business delegation, including companies in fintech and cybersecurity, as we work to strengthen and further develop the partnership between our two countries.
How do you view the advantages Vietnam holds in attracting more investment from UK businesses in the years to come?
We see significant opportunities in the UK-Vietnam relationship. It was recently upgraded to a Comprehensive Strategic Partnership; a level of relationship that the UK takes very seriously.
When we look at the success of British businesses in Vietnam and the growth of bilateral trade, the numbers are excellent, and this growth is happening in both directions. The relationship is also underpinned by strong people-to-people ties, with a fantastic and very welcome Vietnamese diaspora in the UK, as well as British citizens living here in Vietnam. This is a deep relationship and is growing rapidly.
When we look at the growth of Vietnam’s economy, its young, vibrant, and well-educated population, many of whom speak excellent English, we see a great area of economic opportunity for both countries.
We are also close partners in many other areas. We are both members of the CPTPP, and through provisions such as accumulation rules, we can now partner more easily with Vietnam to trade across the region, including with Australia, New Zealand, Japan, and Canada.
In addition, through the UK’s status as a dialogue partner of ASEAN, now in its fifth year, we have developed a strong level of cooperation with our Vietnamese friends within the ASEAN framework.
