Finance Minister Ngo Van Tuan (right) and British Ambassador to Vietnam Ian Frew at the meeting in Hanoi. Photo: www.mof.gov.vn  

Vietnam always wishes to continue strengthening cooperation with UK partners in capital market development, green transition, green finance, and the establishment of Vietnam International Financial Center (VIFC), said Minister of Finance Ngo Van Tuan.

At a recent working session with UK Ambassador to Vietnam Ian Frew, Tuan appreciated the positive developments in Vietnam–UK cooperation in recent years, particularly in the areas of finance, trade, investment, education and training, climate change response, and the sharing of experience in VIFC development, according to the Ministry of Finance.

The minister also welcomed the upgrade of bilateral relations to a Comprehensive Strategic Partnership during General Secretary of the Communist Party of Vietnam Central Committee To Lam’s official visit to the UK in October 2025, and expressed gratitude to the UK Government for supporting Vietnam in combating COVID-19, responding to natural disasters and climate change, as well as implementing development assistance programmes in remote and ethnic minority areas.

For his part, Ian Frew praised Vietnam’s growth targets and sustainable development orientation for the coming period.

According to the ambassador, the Ministry of Finance plays an important role in realising the country’s development goals. He also emphasised that the UK wishes to continue serving as a close partner of Vietnam in the development of capital markets, green finance, and sustainable growth.

One of the key topics discussed by both sides was the development of the VIFC in Ho Chi Minh City and Da Nang. Ambassador Ian Frew stated that the VIFC establishment would not only enhance Vietnam’s position but also strengthen the capacity of the domestic financial system and expand financial products and services for businesses.

According to him, the UK has coordinated with Vietnam in building the legal framework for the VIFC through technical assistance activities, sharing experience from TheCityUK, and delegations of British financial experts.

The UK side affirms its 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 practical conditions, he said.

Tuan noted that the UK has actively supported Vietnam in developing the legal framework for the VIFC in Ho Chi Minh City and Da Nang. According to the minister, for the centre to become operational soon, Vietnam must continue improving its legal institutions and preparing high-quality human resources.

The Ministry of Finance proposed that the UK continue sharing experience from the development model of the London financial centre, while also cooperating in conducting deeper analyses of Vietnam’s competitive advantages, unique characteristics, and challenges compared with other financial centres in the region. This would help Vietnam select appropriate operational models and financial products and services to enhance competitiveness.

Tuan also proposed that the two sides establish a joint working group in preparation for in-depth technical exchanges ahead of the expected visit to Vietnam by the Lord Mayor of the City of London in September.

Regarding green finance development, he stated that to achieve growth of over 10% in the next 5–10 years, Vietnam’s demand for investment capital will be enormous. In this context, Vietnam is studying ways to diversify international capital mobilisation channels, with green finance identified as a highly promising field that could become a strategic product of the future international financial centre.

However, according to him, effectively accessing and utilising green finance remains challenging, particularly in identifying projects and enterprises that meet green standards and are capable of efficient implementation and disbursement. The minister proposed that the UK support connections with businesses and organisations experienced in green finance to help Vietnam improve its capacity to mobilise and effectively use these resources.

Ambassador Ian Frew noted that the UK has signed a memorandum of understanding with Vietnam on green finance cooperation and is currently coordinating the implementation of various initiatives related to the Just Energy Transition Partnership (JETP), mobilising capital for renewable energy projects and sustainable infrastructure.

At present, Vietnam’s Ministry of Finance plays an important role in coordinating ODA capital and promoting financial mechanisms for the green transition, he said.

The UK side hopes to continue closely coordinating with the Ministry of Finance in implementing future cooperation programmes, while also supporting capital market development, promoting the upgrading of Vietnam’s stock market status, and strengthening connections between Vietnamese enterprises and international financial institutions and investors, the ambassador added./.