Finance Minister Ngô Văn Tuấn (right) and British Ambassador to Việt Nam Ian Frew at the meeting in Hà Nội. — Photo www.mof.gov.vn

HÀ NỘI — Việt Nam and the United Kingdom (UK) are seeking to deepen cooperation in capital market development, green finance and the establishment of the international financial centres (IFC) hubs in Đà Nẵng and HCM City.

During a meeting on Friday in Hà Nội between Finance Minister Ngô Văn Tuấn and British Ambassador to Việt Nam Ian Frew, Tuấn said Việt Nam highly valued the growing partnership with the UK, particularly in finance, trade, investment, education and climate change response.

“Việt Nam always attaches importance to and wishes to further strengthen cooperation with UK partners in capital market development, green transition, green finance and the establishment of the international financial centre,” Tuấn said.

Tuấn also welcomed the recent elevation of bilateral ties to a comprehensive strategic partnership following Communist Party General Secretary Tô Lâm’s official visit to the UK.

In response, Ambassador Ian Frew said the UK wanted to remain a long-term partner of Việt Nam in sustainable development, capital markets and green finance.

A key focus of the talks was Việt Nam’s plan to build international financial centre hubs in HCM City and Đà Nẵng.

The development of IFC would not only enhance Việt Nam’s position in regional and global finance but also strengthen domestic financial capacity and broaden financial products and services for businesses, he said.

The UK had been supporting Việt Nam in developing legal and regulatory frameworks for the IFC through technical assistance programmes and experience-sharing initiatives involving TheCityUK and British financial experts, he added.

He stressed that the UK stood ready to continue supporting Việt Nam in improving the legal framework, connecting experts and market participants, and helping develop a financial centre model suited to Việt Nam’s practical conditions.

The UK also hoped to continue working closely with the Ministry of Finance on capital market development, stock market upgrading and strengthening links between Vietnamese companies and international investors.

Tuấn said Việt Nam would continue to hasten institutional reforms and the development of a highly skilled workforce for the financial centre to become operational and competitive.

He also proposed establishing a joint working group to prepare for deeper technical discussions ahead of an expected visit to Việt Nam by the Lord Mayor of London’s financial district in September.

On green finance, Tuaấ said Việt Nam would require significant investment capital to achieve economic growth targets of more than 10 per cent over the next five to 10 years.

He said Việt Nam was exploring ways to diversify international funding sources, with green finance expected to become a strategic component of the future IFC.

He called on the UK to support Việt Nam in connecting with experienced organisations and investors in green finance to improve the country’s capacity to mobilise and utilise sustainable funding. — VNS