TheCityUK has been appointed to support Vietnam’s goal of developing a regional financial and business centre in Ho Chi Minh City. ( Photo: British Embassy in Hanoi)

Hanoi (VNA) – The UK government has appointed TheCityUKto support Vietnam’s goal of developing a regional financial and businesscentre in Ho Chi Minh City, British Embassy in Hanoi announced on February 22.

In partnership with the UK Government, TheCityUK will providetechnical support to help create a business and regulatory environment inVietnam that is attractive to global investors and to further strengthenbilateral ties between the UK and Vietnam.

This project will see TheCityUK working alongside the UKGovernment to bring together regulators and firms across the industry in boththe UK and Vietnam to share best practice and develop recommendations that willsupport Vietnam’s long-term sustainable growth and attract UK and internationalinvestors.

Thecollaboration underlines the deep partnership between the two countries whichare celebrating 50 years of diplomatic relations.

Miles Celic, TheCityUK's Chief Executive Officer, said that Vietnam is a hugely exciting country with acompelling story for growth and prosperity. Given the country’s rapiddevelopment and increased demand for sophisticated financial products, there isgreat potential for British firms and other international investors to enterthe market.

Ensuring robust regulatory, policy and legal frameworks and an openbusiness environment will be essential to its success.

“As one of theworld’s leading international financial centres, the UK is well placed tosupport Vietnam’s ambitions and provide technical expertise. There will also bemutual benefits gained through the sharing expertise in key areas such as greenfinance, innovation and digital transformation and the net-zero transition,” hesaid.

Iain Frew, British Ambassador to Vietnam, said that supporting the developmentof Ho Chi Minh City as a regional financial and business centre is anotherexample of the strong bilateral relations between the UK and Vietnam.

Vietnam is a high-growth, dynamic market and by workingcollaboratively on this important project and sharing UK expertise on a sectorwhere it has clear global market strength, we hope to align our mutual policypriorities and support long-term sustainable growth across the country.

Nguyen Hoang Long, Vietnamese Ambassador to the UK, said that establishing aregional financial and business centre in Ho Chi Minh City is a key part of theVietnamese government’s Economic and Social Development Strategy.

"Vietnam has adynamic economy, good global links and a clear vision on how to become ahigh-income country by 2045. This, coupled with support from the UK Governmentand its world-renowned financial and related professional services industry,makes us 🅷confi🐈dent that Vietnam will be an attractive proposition tointernational investors," he said./.