The establishment of an International Financial Center (IFC) in Vietnam is expected to create new opportunities for the country and the United Kingdom to capitalize on their free trade commitments, deepen financial cooperation and help businesses integrate further into global value chains, participants at a November 5 forum said.
The forum, titled “From the UKVFTA to the International Financial Center: Opportunities for Vietnam-UK Investment and Financial Cooperation,” was organized by the Industry and Trade Magazine.
Mr. Joshua Asworth, Head of the Trade and Investment Section at the British Embassy in Vietnam, said bilateral trade had exceeded 10 billion pounds after more than five years of implementing the UK-Vietnam Free Trade Agreement (UKVFTA), doubling from its 2020 level.
He said economic ties between the two countries were entering a deeper phase of cooperation, with businesses showing growing demand for insurance, investment, and digital financial services.
Vietnam's planned IFC has attracted interest from British businesses, particularly in trade finance, capital markets, derivatives and commodity markets, green finance and financial technology (fintech).
Green finance offers opportunities for cooperation in green bonds, transition finance and carbon markets. Meanwhile, potential fintech partnerships include digital payments, financial innovation, regulatory sandboxes and artificial intelligence applications.
Assoc. Prof. Dr. Nghiem Thi Tha, Vice Chairwoman and General Secretary of the Vietnam Financial Consultants Association, said the United Kingdom's experience could help Vietnam in three key areas: organizing and operating financial markets, connecting international capital flows, and building long-term, sustainable cooperation networks.
She stressed that investors needed clear information about their rights and obligations, administrative procedures, the authorities responsible for resolving disputes, and mechanisms for protection when risks arise. The IFC's effectiveness, she said, would ultimately depend on how well its rules and commitments were enforced in practice.
Mr. Nguyen Minh Khoi from the Tony Blair Institute for Global Change (TBI) echoed that view, saying the IFC should serve as more than a channel for mobilizing capital. It should also provide businesses with resources to expand production, boost exports and participate in international value chains.
He said the center should prioritize practical business needs in cross-border trade transactions while strengthening links with manufacturing, green finance, logistics and innovation.
