Vietnam seeks UK assistance for HCMC financial center

By Anh Minh   July 1, 2022 | 05:30 am PT
Vietnam seeks UK assistance for HCMC financial center
Office buildings are seen in Ho Chi Minh City District 1 in February 2022. Photo by VnExpress/Quynh Tran
Vietnam has sought the U.K.’s assistance in improving its banking and finance legal framework and establishing a financial center in HCMC.

Vietnam wants to learn from the experience of developed countries, including the U.K., in developing a financial center, National Assembly Chairman Vuong Dinh Hue told the Acting Mayor of the City of London Peter Estlin.

He noted that the city of London was one of the biggest financial centers in the world.

Hue met Estlin during his June 28-30 official visit to the U.K.

Estlin said the U.K. was willing to partner with Vietnam at different levels, including developing a financial market and improving its business credit rating to grow the bond market.

He also expressed support for a partnership between U.K. banks and Vietnamese counterparts to help Ho Chi Minh City become a financial center.

In a draft plan published last February, HCMC seeks to establish an international financial center by 2030 with three main components: a monetary and banking market; a capital market; and a derivatives market.

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