THE UNITED KINGDOM EXPRESSES INTEREST IN PROMOTING COOPERATION AND SUPPORTING HO CHI MINH CITY IN DEVELOPING AN INTERNATIONAL FINANCIAL CENTRE (IFC)

On May 26, the development strategy for an International Financial Centre (IFC) in Ho Chi Minh City was one of the key topics discussed during a meeting between Mr. Tran Luu Quang, Secretary of the Ho Chi Minh City Party Committee, and His Excellency Iain Frew, Ambassador of the United Kingdom to Vietnam. The meeting was also attended by Mr. Truong Minh Huy Vu, Chairman of the Executive Agency of VIFC-HCMC.

During the meeting, Ambassador Iain Frew expressed the United Kingdom’s desire to further strengthen the Comprehensive Strategic Partnership between the two countries, while emphasizing the UK’s readiness to accompany and provide practical support for Ho Chi Minh City’s IFC development initiative. Specifically, the UK side committed to sharing experience in developing international-standard legal frameworks, supporting the training of high-quality human resources in the financial sector, and assisting in connecting and identifying suitable international experts to participate in the advisory board. With London’s position as one of the world’s leading financial centres, support from the United Kingdom is expected to contribute significantly to Ho Chi Minh City’s IFC ambitions.

Appreciating the goodwill and support from the UK side, Party Secretary Tran Luu Quang affirmed that the City regards London as a benchmark model for research and reference in developing its own IFC. He further noted that the Central Government had recently issued a new resolution on the development of Ho Chi Minh City, based on the principle of comprehensive decentralization, including the orientation to submit a Special Urban Law to the National Assembly for approval. This breakthrough mechanism is expected to help the City overcome limitations under the current legal framework and create greater confidence for international investors participating in the emerging financial ecosystem.

The support from the United Kingdom, together with the active participation of VIFC-HCMC, once again demonstrates Ho Chi Minh City’s strong commitment to building a highly competitive financial ecosystem, with the goal of developing an IFC aligned with international standards and integrated into the global financial network.