Vietnam and the United Kingdom are significantly accelerating their financial sector collaboration with a shared goal to forge a modern, secure, and globally integrated financial system, with cybersecurity and the digital legal framework at the forefront of their joint priorities.
This deepening engagement follows the recent upgrade of Vietnam–UK relations to a Comprehensive Strategic Partnership, commemorating 52 years of diplomatic ties. The collaboration was highlighted at the Vietnam–UK Financial Services Summit, held in Hanoi on November 7 and co-organized by the British Embassy and the Vietnam Banks Association. The summit convened government regulators, financial institutions, and businesses from both nations.
British Ambassador Iain Frew reinforced the UK Government’s commitment to aiding Vietnam in establishing International Financial Centers (IFCs) in Ho Chi Minh City and Da Nang. This support will be channeled through technical, policy, and business collaboration to promote financial modernization, with major British financial corporations like HSBC, Standard Chartered, Prudential, Revolut, Ozone API, iProov, and Sumsub expressing their readiness to participate.
The summit's agenda tackled critical, emerging topics, including open banking, the use of Artificial Intelligence (AI) in digital banking and fraud prevention, digital assets, and financial cybersecurity.
Ambassador Frew stressed that these discussions are crucial for "building a more inclusive, resilient, and globally connected financial ecosystem." Experts emphasized that cybersecurity is now a major battleground in finance, noting that cybercriminals are increasingly exploiting AI for sophisticated attacks involving identity spoofing, fraud, and biometric verification. Consequently, banks must urgently invest in both technology and human resources to enhance their defense capabilities and improve vital Know Your Customer (KYC) verification processes.
Vietnam is demonstrating a strong resolve to perfect its legal structure for the digital age. It has already enacted the Law on Science, Technology, and Innovation and the Law on Digital Industry, with further legislation on Artificial Intelligence and Digital Transformation currently in development.
Furthermore, both countries have signed a Memorandum of Understanding (MOU) on cooperation to combat fraud and money laundering, which strengthens mutual trust and helps safeguard the financial system.
Experts conclude that this enhanced partnership provides Vietnam with the opportunity to leverage advanced technology and perfect its legal infrastructure, laying a solid foundation for the development of its IFCs and solidifying its ambition to become a regional financial hub in the near future.
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