High-Level Conference strengthens Vietnam-UK cooperation in developing modern financial services
WVR - On November 7, in Hanoi, the UK-Vietnam High-Level Conference on Financial Services took place, marking a significant step forward in the bilateral cooperation between the two nations, as well as demonstrating a shared commitment to comprehensively promote the development of financial services, opening up numerous opportunities for connection and experience sharing.
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The conference was attended by UK Ambassador to Vietnam Iain Frew; Dr. Nguyen Quoc Hung, Vice Chairman and General Secretary of the Vietnam Banks Association (VNBA); Ms. Vu Minh Chau, Acting Director General of the International Cooperation Department, State Bank of Vietnam; Dr. Can Van Luc, Chief Economist of BIDV; Ms. Srividya Subramania, Global Head of Sales & Origination, META & Asia-Pacific at Traydstream; Mr. Sylvester Kinuthia, Head of Transaction Banking from Standard Chartered Vietnam; along with many businesses from the UK and Vietnam.
Turning Vietnam into an international financial hub
In his welcoming remarks, UK Ambassador to Vietnam Iain Frew recalled the historic visit of General Secretary To Lam to London from October 28-20; he also expressed anticipation for the Comprehensive Strategic Partnership between the two countries and committed to unite and assist Vietnam in overcoming past and future natural disasters, especially in the economic sector.
The Ambassador affirmed that the UK will join hands and share valuable experiences in global finance, particularly in financial technology, regulatory reform, and green finance; thereby helping Vietnam achieve its goal of becoming an International Financial Hub with the model "one centre, two destinations".
"Vietnam's financial centre will certainly have its own unique identity, yet it needs to be closely connected with international partners, including the UK," Ambassador Iain Frew stated.
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| UK Ambassador to Vietnam Iain Frew affirms full support for Vietnam's goal of becoming an International Financial Hub in the future (Photo: Doan Ngan) |
In response to a question about the areas Vietnam should focus on to achieve the basic goal of becoming a regional financial center, Ambassador Frew emphasized that upgrading bilateral relations to a Comprehensive Strategic Partnership has placed cooperation in financial services at the forefront.
The experience of the London Financial Center will play a crucial role in supporting Vietnam to complete its legal framework, build market infrastructure, and develop high-quality human resources for the International Financial Hub.
Additionally, the two countries are also implementing key cooperation through the Trade Finance Registry System to address the $19 billion capital gap and support small and medium enterprises. The UK also wishes to share experiences in open banking, AI, and financial innovation to shape the future of Vietnam's financial centers.
Furthermore, Vietnam and the UK have signed a Memorandum of Understanding on cooperation against financial fraud and money laundering to strengthen digital integrity and ensure trust in the digitization process.
Speaking at the Conference, Dr. Nguyen Quoc Hung, Vice Chairman and General Secretary of VNBA, praised the strong development of Vietnam's financial system, with impressive figures such as: a modern lending system with over 90 customer transactions; an e-wallet ecosystem with over 40 million users; the proportion of digital transactions accounting for over 70% of total retail units in many credit institutions; operational cost reduction by 20-30% compared to traditional channels; non-cash payment transactions increasing by more than 40%....
These results are becoming an important foundation creating a strong stepping stone for comprehensive digital finance in Vietnam during the 2025-2030 period.
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| Dr. Nguyen Quoc Hung, Vice Chairman, General Secretary of VNBA, appreciates the achievements of Vietnam's financial system in recent times. (Photo: Doan Ngan) |
However, the domestic economy faces many challenges regarding the financial legal framework, increasing customer demands, management and consumer protection, and data issues. Yet, under the guidance of the Government and the State Bank, along with the achievements made, from now until 2023, Vietnamese commercial banking organizations will widely digitize trade financial services nationwide.
Finally, Dr. Nguyen Quoc Hung believes: "With the technical support from the UK government, along with the determination of regulatory agencies, credit institutions, and Vietnamese businesses, a new standard of financial transparency and trade finance in the region can be established. This will further drive financial development, promoting inclusive and sustainable growth".
Building a transparent and deeply integrated financial system
Ms. Vu Minh Chau, Acting Director General of the International Cooperation Department, State Bank of Vietnam, stated that since 2008, Vietnam and the UK have established many bilateral cooperation programs, where topics related to digital banking and innovation are key focuses.
In recent years, UK financial institutions and companies have actively supported Vietnam in developing a transparent and modern financial system, aiming for comprehensive development, ensuring that all citizens, especially vulnerable groups, can access effective and safe financial services.
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| Ms. Vu Minh Chau, Acting Director General of the International Cooperation Department, State Bank of Vietnam, commits to developing a transparent, modern, and deeply integrated international financial system. (Photo: Doan Ngan) |
Vietnam is witnessing positive developments such as open banking, electronic payments, and e-commerce. AI is also being robustly applied in data analysis and fraud detection to enhance customer experience.
She emphasized that with support from UK partners, Vietnam has built a trade finance registration platform. This is a significant step in connecting finance and technology, contributing to increased transparency and simplifying trade finance processes.
Additionally, the VNBA also commits to protecting the national financial system, promoting various initiatives to drive digital transformation and international integration in the context of the recent joint declaration on combating cybercrime.
"Digital transformation will undoubtedly continue to bring about many changes and challenges, requiring entities in the financial system and businesses to continuously innovate, update technology, and invest heavily to enhance competitiveness. Vietnam is building specific mechanisms to promote this process while asserting its position in the international financial system," the Acting Director General shared.
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| Overview of the Conference. (Photo: Doan Ngan) |
Vietnam embarks on big reform for comprehensive breakthrough
Speaking at the UK-Vietnam High-Level Conference on Financial Services, Dr. Can Van Luc, Chief Economist of BIDV, stated that Vietnam is at a pivotal moment, as Big Reform - the second major reform after Đổi Mới - will be the key driver for the economy to break through in the digital era and global integration.
He emphasized: "2026 will be the pivotal year for Big Reform, the time when new policies are implemented and create momentum for the 2026-2030 period". Big Reform will focus on seven key areas: science - technology and digital transformation, international integration, institutions, private - state - FDI sectors, energy, education, and healthcare.
Dr. Luc also forecasted three growth scenarios: (i) Basic growth at 6.5-7%, (ii) Positive growth at 8%, (iii) Breakthrough growth at 10% if reforms are synchronized.
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| Dr. Can Van Luc emphasized, "Vietnam is at a pivotal moment". (Photo: Doan Ngan) |
One of the hallmarks of Big Reform will be the establishment of an International Financial Hub following the model "one center, two locations", with Ho Chi Minh City as the focal point for traditional financial services development; while Da Nang will serve as the center for new, specific institutional and policy frameworks.
"Big Reform is not just about institutional reform, but also redefines the entire development model of Vietnam in the digital era. If we seize the opportunity well, we can completely break through and rise to become a financial and innovation hub in the region," Dr. Luc affirmed.
