Alexandra Smith, British consul general in HCM City, speaks at the UK-Việt Nam Open Conference on International Financial Centres 2026 in HCM City on Wednesday. — VNA/VNS Photo

HCM CITY — Việt Nam and the UK are stepping up cooperation to support the development of an international financial centre (IFC) in Việt Nam, with experts stressing that strong legal and regulatory foundations will be critical if the country is to emerge as a regional financial hub.

Speaking at the UK-Việt Nam Open Conference on International Financial Centres 2026 in HCM City on Wednesday, Alexandra Smith, British consul general in HCM City, said plans to develop an IFC in HCM City and Đà Nẵng present a significant opportunity for Việt Nam, but their success will depend on building strong institutional foundations from the outset.

Smith said competitive financial centres typically rest on three core pillars: a robust legal framework, a credible and independent regulatory system, and advanced market services that enable efficient trading and capital mobilisation.

“When these elements work together, an IFC can become a powerful engine of growth, helping businesses access capital more easily, attracting high-quality foreign investment and strengthening Việt Nam’s position in the global financial system,” she said.

The UK, she added, stands ready to share experience and support Việt Nam in developing the institutions needed for a world-class financial centre.

International experts at the conference also highlighted lessons from established financial hubs.

Angela Knight, chair of the board of the Astana Financial Services Authority (AFSA),  emphasised the importance of creating an independent regulator with international expertise, alongside effective dispute-resolution mechanisms to enhance market credibility.

From the local perspective, Nguyễn Lộc Hà, permanent vice chairman of HCM City People’s Committee, said the city aims to help develop Việt Nam’s planned international financial centre into a regional hub.

Hà noted that recent high-level meetings in Hà Nội and HCM City demonstrate concrete progress in deepening financial and banking cooperation between Việt Nam and the UK, particularly following the two countries’ upgraded comprehensive strategic partnership in 2025.

He said the conference provided a platform for regulators, financial institutions and businesses to exchange expertise and offer policy recommendations aimed at strengthening market oversight and improving the investment environment.

“Through these discussions, we expect to formulate practical proposals to enhance the regulatory framework, strengthen supervisory capacity and create a more attractive investment environment for the development of an IFC,” Hà said.

Industry representatives said the initiative marks an important step in Việt Nam’s economic development.

Speakers at the UK-Việt Nam Open Conference on International Financial Centres 2026 in HCM City on Wednesday. — VNA/VNS Photo

Kenneth Atkinson, executive board member of the British Chamber of Commerce Vietnam (BritCham), said establishing an IFC reflects the country’s ambition to deepen its financial markets and strengthen global connectivity.

However, he noted that long-term success will depend on sustained reforms to strengthen regulatory frameworks, improve transparency and align with international best practices.

“This is not a journey any country can undertake alone,” Atkinson said. “It requires close coordination between government, regulators and the private sector, as well as strong partnerships with international stakeholders.”

The conference was jointly organised by the British Consulate General in HCM City, the British Chamber of Commerce Vietnam (BritCham) and Dragon Capital under the theme “Financial Market Infrastructure”.

Participants discussed key elements required to develop a modern financial centre, including derivatives markets, financial supervision, legal frameworks and foreign investment attraction. — VNS