A strategic partnership in finance

The comprehensive strategic partnership between Viet Nam and the UK continues to expand beyond traditional trade and investment into more specialised fields.

Speaking at the UK-Viet Nam Financial Services Summit 2026, held last month in Ho Chi Minh City, Nguyen Cong Vinh, Vice Chairman of the Ho Chi Minh City People’s Committee, said financial cooperation was a key pillar of bilateral relations.

He said the city greatly appreciated the support and partnership of its UK counterparts since the earliest stages of developing the centre. Joint research, conferences, seminars, training programmes and field exchanges with London’s financial centre show a clear commitment to cooperation and confidence in Ho Chi Minh City’s potential to establish a financial hub capable of connecting regional and international markets.

The city faces growing pressure to improve the quality of its economic growth, and investment in transport infrastructure, the green transition, digital transformation and greater competitiveness requires long-term, diversified and affordable sources of capital.

Developing the Viet Nam International Financial Centre in Ho Chi Minh City has been designated a strategic priority to link international capital flows with the economy’s development needs. The centre is now moving from institution-building to substantive operations, with plans to launch its first flagship products, including municipal bonds and project bonds.

Vinh said: “Success must be measured by tangible outcomes, such as the amount of capital mobilised and disbursed for viable projects, businesses’ access to appropriate financial services, the safety and convenience of transactions, and domestic professionals’ mastery of international financial operations. The city seeks to strengthen cooperation in three areas: improving the operating environment, developing the market and enhancing implementation capacity.”

For his part, British Ambassador to Viet Nam Iain Frew said the partnership between the two countries was evolving into a long-term relationship based on the exchange of expertise and international experience, and on promoting innovation.

He said financial cooperation between the two sides currently focuses on three areas: expanding access to finance, mobilising capital for the green transition and strengthening the foundations of the financial system.

He also said the UK greatly valued the contributions that commercial banking networks, major investment funds and export credit agencies had made to the development of Viet Nam’s capital market.

Strengthening capital market infrastructure

Alongside institutional reforms, capital market development and a skilled workforce are seen as prerequisites for raising national competitiveness and building strong confidence among foreign investors.

Integration into international markets requires Viet Nam to continually standardise regulations, improve transparency and strengthen operational capacity in line with international best practice.

Assessing Viet Nam’s progress, Susan Langley, Lord Mayor of the City of London, said Viet Nam’s reform efforts had won positive recognition from the international community. FTSE Russell’s decision to upgrade Viet Nam’s stock market from frontier to secondary emerging market status reflects significant progress in regulations, brokerage operations and capital mobilisation.

She said the City of London was proud to be a close partner and ready to support Viet Nam and Ho Chi Minh City in mobilising long-term capital, developing sustainable infrastructure, managing climate risks and promoting fintech innovation.

According to Dominic Scriven, Chairman of Dragon Capital, the domestic capital market has made considerable progress but still has plenty of room to improve liquidity, broaden investor participation and upgrade its infrastructure.

He said exchanges with leading global financial centres such as London would be valuable for Viet Nam as it seeks ways to develop its capital market in a new phase.

Enhancing governance capacity

Modern governance and a highly skilled workforce remain key to the long-term success of the Viet Nam International Financial Centre in Ho Chi Minh City.

Speaking on the subject, Nguyen Thi Phuong Thao, Chairwoman and General Director of Sovico Group, said that from the outset the centre needed to establish governance mechanisms that allowed a wide range of stakeholders to contribute. Women, men, scientists, intellectuals and entrepreneurs should all have opportunities to realise their creative potential.

Establishing core values such as professionalism, transparency, openness and respect for diversity would help create an environment that was competitive, collaborative and people-centred, and shape the centre’s operating practices and culture.

Thao said: “When an expanding capital market is underpinned by robust international standards, a new financial centre will have a solid foundation for building deeper links with major centres across the region and around the world.”

To realise its strategic objectives, Ho Chi Minh City has proposed four key areas for cooperation, including capital market development, with priority products and sectors such as investment funds, international bonds, financial technology, digital assets, and maritime and aviation finance.

In addition, promoting green finance through the development of project portfolios, structuring advice and capital matching will help create model transactions to support the sustainable transition. Linking financial innovation with regulation and systemic safety oversight, particularly in cross-border payments and artificial intelligence, is also an essential priority.

Finally, developing a skilled workforce by linking training institutions, professional associations and financial institutions in Viet Nam and the UK will give domestic professionals a solid foundation to compete internationally and raise the standing of Viet Nam’s financial market worldwide.