Vietnam News Today (Jun. 29): PM Calls for Breakthroughs in Vietnam–UK Economic Cooperation
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The event was attended by UK Ambassador to Vietnam Ian Frew; Dr. Nguyen Quoc Hung, Vice Chairman and Secretary General of the Vietnam Banks Association (VNBA); Vu Minh Chau, Acting Director General of the International Cooperation Department, State Bank of Vietnam; Dr. Can Van Luc, Chief Economist at BIDV; along with representatives from various businesses and financial institutions of both nations.

In his opening remarks, UK Ambassador to Vietnam Ian Frew recalled the historic visit of General Secretary To Lam to London from October 28–30, expressing his hope that the newly upgraded Comprehensive Strategic Partnership between the two nations would create fresh momentum for cooperation in the financial sector.

UK Ambassador to Vietnam Ian Frew affirmed the United Kingdom’s full support for Vietnam’s goal of becoming an international financial center in the future. (Photo: The World & Vietnam Report)

Ambassador Frew affirmed the United Kingdom’s commitment to sharing its experience in global financial development, including fintech, green finance, and regulatory reform, to support Vietnam in realizing its goal of building an International Financial Center under the “one center, two destinations” model.

“Vietnam’s financial center will certainly have its own unique identity, but it must be closely connected with international partners, including the United Kingdom,” Ambassador Ian Frew emphasized.

According to Ambassador Frew, the elevation of bilateral relations has placed cooperation in financial services at the center of the partnership. Experience from the London financial center will help Vietnam improve its legal framework, develop market infrastructure, and build a high-quality workforce.

The two sides are currently working together to implement a Commercial Financial Registry System, aiming to bridge a $19 billion capital gap and support small and medium-sized enterprises (SMEs). The UK also hopes to share its expertise in open banking, artificial intelligence (AI), and financial innovation, while joining Vietnam in signing a Memorandum of Understanding on cooperation in combating financial fraud and money laundering, to strengthen trust and transparency in the process of digital transformation.

Speaking at the conference, Dr. Nguyen Quoc Hung, Vice Chairman and Secretary General of the Vietnam Banks Association (VNBA), commended the strong development of Vietnam’s financial system, which has achieved remarkable results: over 90% of loan transactions are now conducted through modern channels; the e-wallet ecosystem has surpassed 40 million users; digital transactions account for more than 70% of total retail transactions; operating costs have fallen by 20–30% compared to traditional channels; and cashless payments have increased by over 40% year-on-year.

According to Dr. Nguyen Quoc Hung, these achievements provide an important foundation for advancing digital financial inclusion during the 2025–2030 period. However, Vietnam still faces challenges in areas such as improving the legal framework, protecting consumers, and ensuring data security in the digital era.

Dr. Nguyen Quoc Hung, Vice Chairman and Secretary General of the Vietnam Banks Association (VNBA), commended the remarkable achievements of Vietnam’s financial system in recent years. (Photo: The World & Vietnam Report).

“With technical support from the UK Government, and the strong commitment of regulators, credit institutions, and domestic enterprises, Vietnam can establish new standards of financial transparency and trade finance, thereby promoting inclusive and sustainable growth,” Dr. Nguyen Quoc Hung emphasized.

On behalf of the State Bank of Vietnam, Vu Minh Chau, Acting Director General of the International Cooperation Department, noted that Vietnam and the United Kingdom have implemented numerous effective cooperation programs in digital banking and financial innovation since 2008.

UK financial institutions and enterprises have actively supported Vietnam in building a transparent, modern, and inclusive financial system, with the goal of ensuring that all citizens, especially vulnerable groups, can access financial services safely and efficiently.

Vietnam is witnessing positive developments in open banking, electronic payments, and the application of AI in data analysis and fraud detection. The trade finance registry platform jointly developed by the two countries is considered an important step forward in integrating finance and technology, helping enhance the transparency and efficiency of the financial market.

Vu Minh Chau emphasized that digital transformation will continue to bring both opportunities and challenges, requiring financial institutions to innovate and invest in technology to strengthen their competitiveness. Vietnam is developing specific mechanisms to accelerate this process while affirming its growing position within the regional and global financial systems.

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