The UK–Vietnam Financial Services Summit was hosted in Hanoi on November 7 by the British Embassy in Vietnam in collaboration with the Vietnam Banks Association (VNBA).
The event marked a new chapter in financial, banking, fintech, and innovation cooperation between the two dynamic economies, as Vietnam and the UK has officially elevated their relationship to a Comprehensive Strategic Partnership.
In his opening remarks, British Ambassador to Vietnam Iain Frew highlighted the summit as a testament to the growing and dynamic relationship between the two nations. He reaffirmed the UK’s commitment to supporting Vietnam in modernising its financial and banking markets and developing an international financial center (IFC).
“As a global financial hub, the UK stands ready to share its expertise in regulatory reform, fintech development, green finance, and digital transformation — supporting Vietnam’s ambition to become a high-income economy by 2045,” said Ambassador Frew.
The Ambassador also acknowledged the strong role of UK businesses such as Prudential, HSBC, Standard Chartered, Revolut, Ozone API, iProov, Konsentus, and Sumsub in helping Vietnam build a transparent, secure, and innovative financial ecosystem.
According to Dr. Nguyen Quoc Hung, Vice Chairman and Secretary General of the VNBA, Vietnam’s banking industry is undergoing rapid digital transformation, with over 95 per cent of transactions at major banks now conducted digitally.
He introduced the Trade Finance Registry (TFR) – a national trade finance database jointly implemented by VNBA, the State Bank of Vietnam, the British Embassy, and Boston Consulting Group (BCG). The project aims to enhance transparency in trade finance, prevent fraud, standardise electronic trade data, and enable API connectivity between banks, customs, and logistics.
Ms. Vu Minh Chau, Acting Director General of the International Cooperation Department at the State Bank of Vietnam (SBV), emphasised that financial cooperation between Vietnam and the UK has been growing steadily since 2008.
“The UK is a leading global financial centre with deep experience in developing fintech, open banking, and green finance," she said. "Vietnam looks forward to expanding this partnership in the new phase of our relationship."
Dr. Can Van Luc, Chief Economist at BIDV and member of the Prime Minister’s Policy Advisory Council, noted that the summit comes at a “triple milestone” moment — as Vietnam and the UK upgraded their bilateral ties, celebrated the fifth anniversary of the Vietnam - UK Free Trade Agreement (UKVFTA), and marked the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
He emphasized that digital transformation, institutional reform, and international cooperation are crucial for Vietnam to achieve its 2045 development vision.
During the panel discussion, experts from BCG, Traydstream, Techcombank, Standard Chartered, and Ozone API agreed that the TFR is not only a technical solution but also a foundational step toward building a modern, globally integrated financial ecosystem for Vietnam.
They shared international best practices from the UK, Singapore, and Brazil on data-sharing standards, API frameworks, and regulatory sandboxes, enabling the development of open banking and open finance.
)Experts also underscored that Vietnam is entering a “golden opportunity” to accelerate growth if it leverages three key pillars — trusted data, strong cybersecurity, and effective public–private collaboration.
The UK–Vietnam Financial Services Summit concluded with a shared commitment to cooperation, innovation, and joint action, aiming to build a transparent, secure, and inclusive financial and banking ecosystem - a cornerstone for sustainable and globally integrated digital growth.
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