Vietnam looks for UK support in finalizing financial regulations: NA Chairman

Jul 01, 2022 / 11:48 AM

Vietnam and the UK would strengthen cooperation in green finance, and digitalization of the financial sector, with the UK's assistance in providing the required resources for Vietnam to realize its commitments at the COP26.

Vietnam expects to receive UK’s support in finalizing legal frameworks in the field of banking and finance, as well as a performance evaluation system for businesses.

Chairman of the National Assembly Vuong Dinh Hue and the Acting Mayor of the City of London Peter Estlin. Source: VNA

Chairman of the National Assembly Vuong Dinh Hue expressed his hope during a meeting with the Acting Mayor of the City of London Peter Estlin on June 29 (local time) in the UK’s capital.

At the meeting, Hue highlighted the role of London as one of the world’s largest financial centers in the world, while many UK finance-banking institutions such as Prudential, HSBC, and Standard Chartered have been effectively operating in Vietnam over the years.

In this regard, Hue called for the UK’s support to help transform Ho Chi Minh City into an international financial center.

“Vietnam wants to learn experience from different countries and financial centers to adopt the best practices that are suitable with the country’s characteristics,” Hue said.

In this regard, Hue called for the UK to share its expertise in the capital, finance, and monetary markets with Vietnam.

Overview of the meeting.

Acting Mayor Estlin expressed his delight at welcoming Vietnam’s National Assembly Chairman to London’s financial district.

He said the UK is willing to cooperate with Vietnam at different levels, as the Southeast Asian country remains a key partner in the UK-ASEAN relations, expressing his support for the partnership between UK banks and Ho Chi Minh City during the city’s quest to become a financial hub.

Estlin also agreed with Hue’s proposal on cooperation in green finance, digitalization of the financial sector, and providing the required resources for Vietnam to realize its commitments at the COP26.

Both sides also expected closer cooperation between the two sides in legal framework consultation, credit rating, and improving liquidity for businesses, with the immediate priority of resuming exchange activities that have been disrupted by the pandemic and boosting bilateral trade.

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