The Lord Mayor of the City of London, Alderman Alastair King, paid a high-level visit to Vietnam to promote bilateral cooperation in financial services, green finance, and economic development.

The visit, hosted by the British Embassy Hanoi, included a series of engagements with senior Vietnamese government leaders, the business community, and financial institutions, marking an important milestone in celebrating 15 years of the UK–Vietnam Strategic Partnership, reaffirming the City of London’s commitment to supporting Vietnam’s financial future.

Speaking about the visit, Lord Mayor Alastair King said that Vietnam is a dynamic and fast-growing economy, and the UK is proud to be a strategic partner in its journey towards becoming a global financial hub. "Our cooperation in green finance, fintech, and infrastructure will open up new opportunities for both countries," he added.

In Hanoi, the Lord Mayor chaired the UK–Vietnam High-Level IFC Conference on September 15, which brought together policymakers, regulators, and private sector leaders to discuss capital markets, legal frameworks, talent development, and innovation.

In his opening remarks, Standing Deputy Prime Minister of Vietnam Nguyen Hoa Binh expressed his hope that the UK and the City of London would continue to support and accompany Vietnam in promoting and introducing the International Financial Center, connecting investors, and mobilising resources from London to participate in Vietnam’s financial market.

Introducing the strengths of the London International Financial Center and the potential for cooperation with Vietnam, Mayor Alastair King said that London is not only the economic engine of the UK but also a global financial bridge with more than 170 foreign banks headquartered there. It has abundant human resources, a favorable legal environment, a developed innovation ecosystem, and a large capital market.

Learning and referring to the experience of London's model, Vietnam can create high-value jobs, attract international investment, promote capital market development. These are essential factors for long-term growth, according to the Lord Mayor of the City of London.

Sharing with VnEconomy / Vietnam Economic Times, Lord Mayor Alastair King believes that Vietnam has many opportunities to develop an  International Financial Center including young, dynamic and potential population. This is a skilled, engaged and eager workforce that is involved in areas such as finance, legal, professional services and maritime. 

In addition, Vietnam is blessed with a strategic geopolitical position – right at the crossroads of Southeast Asia’s trade with other parts of the world. The Vietnamese Government has also built a good reputation in attracting foreign direct investment.

"From the UK perspective, I highly appreciate Vietnam's willingness to work with partners like the UK to develop partnerships and cooperation. This is very important for development," he added. "We are ready to share our experience and expertise to support Vietnam on its path to becoming a strong and modern International Financial Center. We also continually advise regulators, helping them find the right balance in regulation, while encouraging training, innovation and reform."

As part of the visit, the Lord Mayor met with Deputy Governor of the State Bank of Vietnam Pham Tien Dung, to exchange experiences on developing an IFC, approaches to building a fintech ecosystem and open banking, as well as issues related to digital assets, electronic payments, and risk management.

Accompanying Lord Mayor Alastair King on his visit to Vietnam, Lord Justice Richard Snowden of the Court of Appeal of England and Wales also held a high-level meeting with Chief Justice of the Supreme People’s Court of Vietnam Le Minh Tri, to discuss the development of a legal framework for the establishment of an International Financial Centre in Vietnam.

Chief Justice Le Minh Tri noted that issues such as the application of law, the language used in court proceedings, litigation procedures, and the qualifications of judges are among the matters of great concern to the Supreme People’s Court of Vietnam, and expressed a desire for training support and experience-sharing from the UK.

For his part, Lord Justice Richard Snowden thanked Chief Justice Le Minh Tri for his warm reception, and emphasised that both the UK and Vietnam could jointly study these issues and develop concrete solutions. The UK side affirmed its commitment to continuing to promote cooperation and exchanges, contributing to accelerating the establishment of a specialised court within Vietnam’s International Financial Center.