Minister of Finance Ngo Van Tuan (right) and the UK's Ambassador to Vietnam Iain Frew at their meeting (Photo: mof.gov.vn)

At a recent working session with the UK Ambassador to Vietnam, Ian Frew, Minister Tuan highlighted the positive progress in bilateral cooperation in recent years, particularly in finance, trade, investment, education and training, climate change response, and the sharing of experience in developing international financial centres.

He also welcomed the elevation of Vietnam-UK ties to a Comprehensive Strategic Partnership during General Secretary To Lam’s official visit to the UK in October 2025, while thanking the UK Government for its support in Vietnam’s COVID-19 response, disaster relief, climate change adaptation, and development assistance programmes in remote and ethnic minority areas.

Ambassador Ian Frew praised Vietnam’s growth targets and sustainable development orientation, stressing that the Ministry of Finance plays a key role in realising the country’s development goals.

The Ambassador reaffirmed the UK’s desire to remain a close partner of Vietnam in developing capital markets, green finance, and sustainable growth.

A major topic discussed at the meeting was the development of the VIFC in Ho Chi Minh City and Da Nang. Ambassador Frew said the establishment of the centre would help enhance Vietnam’s international standing, strengthen the domestic financial system, and expand financial products and services for businesses.

He noted that the UK has worked closely with Vietnam in building the legal framework for the VIFC through technical assistance activities, experience sharing from TheCityUK, and exchanges involving British financial experts.

The UK side also expressed readiness to continue supporting Vietnam in improving the legal framework and connecting experts and market participants to develop a financial centre model suited to Vietnam’s conditions.

Minister Tuan said the UK has actively assisted Vietnam in developing the legal framework for the VIFC, adding that Vietnam still needs to further improve institutions and prepare high-quality human resources to put the centre into operation soon.

He proposed that the UK continue sharing experience from the London financial centre model and cooperate in deeper studies on Vietnam’s competitive advantages, unique characteristics, and challenges compared with other regional financial centres.

The minister also suggested establishing a joint working group ahead of the expected visit to Vietnam by the Lord Mayor of the City of London in September.

Regarding green finance, Tuan said Vietnam’s demand for investment capital would be enormous if the country aims to achieve growth of over 10% in the next 5-10 years. In this context, Vietnam is studying ways to diversify international capital mobilisation channels, with green finance seen as a promising strategic area for the future international financial centre.

However, he acknowledged challenges in effectively accessing and using green finance, particularly in identifying projects and enterprises that meet green standards and are capable of efficient implementation and disbursement.

The minister proposed that the UK help connect Vietnam with experienced businesses and organisations in green finance to strengthen the country’s capacity to mobilise and utilise green financial resources effectively.

Ambassador Frew said the UK has signed a memorandum of understanding with Vietnam on green finance cooperation and is coordinating initiatives under the Just Energy Transition Partnership (JETP), including mobilising capital for renewable energy and sustainable infrastructure projects.

He added that Vietnam’s Ministry of Finance currently plays an important role in coordinating ODA capital and promoting financial mechanisms for the green transition.

The UK hopes to continue close cooperation with Vietnam’s Ministry of Finance in future programmes, while supporting the development of Vietnam’s capital market, promoting the upgrade of the country’s stock market status, and strengthening connections between Vietnamese enterprises and international financial institutions and investors.