On August 20, 2026, at the headquarters of the State Bank of Vietnam (SBV), Governor Pham Duc An met with Mr. Iain Frew, Ambassador Extraordinary and Plenipotentiary of the United Kingdom of Great Britain and Northern Ireland to Vietnam. The meeting focused on key areas of financial and banking cooperation, particularly the development of the Vietnam International Financial Centre (VIFC), green and sustainable finance, and financial technology.
Governor Pham Duc An and Ambassador Iain Frew exchange views on key areas of cooperation
Governor Pham Duc An present a souvenir to Ambassador Iain Frew
Speaking at the meeting, Governor Pham Duc An spoke highly of the strong foundation of cooperation between the SBV and UK regulatory authorities, as well as between financial institutions and banks of the two countries. He also acknowledged the positive contributions of British banks operating in Vietnam, particularly in promoting green finance, green credit, and sustainable development.
Ambassador Iain Frew congratulated Vietnam on the progress made in developing the VIFC and said that the United Kingdom was proud to be one of the partners accompanying Vietnam from the early stages of establishing the international financial center. He affirmed that the British Embassy was ready to connect the SBV and the VIFC Executive Council with relevant UK regulatory and financial authorities, including the Bank of England (BoE), the Financial Conduct Authority (FCA), and other relevant agencies. Such cooperation would help strengthen information and experience sharing and support Vietnam in developing the VIFC in line with its specific conditions and development orientations.
The Ambassador also said that the United Kingdom was implementing a number of cooperation programs to support Vietnam in developing the green capital market and promoting green finance. The UK was ready to share experience, tools and solutions for mobilizing private-sector resources for green growth, and expressed its desire to continue cooperation with the SBV in this area.
Regarding financial technology, Ambassador Iain Frew noted that many UK fintech companies and groups were operating in areas such as digital payments, cybersecurity, digital investment platforms, and financial technology solutions, creating significant potential for cooperation between the two countries. He expressed his hope that the SBV would continue to support UK fintech businesses in operating and developing effectively in Vietnam. He also highlighted the positive results of cooperation in trade finance and expressed his expectation that cooperation initiatives between the two sides would continue to expand in the coming period.
Governor Pham Duc An and the UK delegation pose for a group photo
Regarding key areas of cooperation, Governor Pham Duc An said that the SBV had basically completed its assigned tasks in developing the legal framework governing banking activities at the VIFC. In his capacity as Governor of the SBV and Vice Chairman of the VIFC Executive Council, the Governor stressed that the SBV was actively coordinating with relevant agencies to further improve the legal framework, laying a solid foundation for the effective development and operation of the VIFC.
The Governor noted that the VIFC Development Plan to 2035 sets out orientations for developing a range of financial products and services in Ho Chi Minh City and Da Nang, including areas directly related to banking activities such as asset management, fund management, green finance, digital assets, and financial services associated with innovation. The Plan also promotes the development of a sandbox for new technologies, products, services, and business models in the financial sector.
Governor Pham Duc An proposed that the British Embassy continue to facilitate connections between the SBV, the VIFC Executive Council, and relevant UK agencies and organizations to share experience in the management, supervision, and development of financial services, thereby supporting the implementation and development of the VIFC.
Regarding green and sustainable finance, the Governor said that the SBV had proactively implemented comprehensive measures to promote green credit, strengthen environmental risk management in lending activities, and direct capital toward green sectors, the circular economy, and low-emission production. At the same time, the SBV had strengthened international cooperation, resource mobilization, and capacity building in green finance.
The Governor proposed that the UK side continue to share its experience and facilitate connections between Vietnamese credit institutions and funds, and development finance institutions and international investors, thereby supporting the mobilization of capital for green projects and Vietnam’s green transition.
Regarding financial technology, Governor Pham Duc An welcomed the UK side’s proposal to strengthen cooperation in fintech, financial innovation, and digital banking, including support for the development of regulatory sandboxes in areas such as open banking, open finance, and digital banking.
Regarding the Trade Finance Project implemented in coordination with the Vietnam Banks Association, the Governor acknowledged the UK’s active support for the Association in implementing the project. He emphasized the significance of the project in improving businesses’ access to trade finance and noted that it represented a practical area of cooperation that could contribute to promoting trade and supporting businesses.
Concluding the meeting, Governor Pham Duc An expressed his confidence that, in the coming period, more specific programs and cooperation activities would be developed between Vietnam and the United Kingdom, as well as between the SBV and relevant UK agencies and organizations in the financial and banking sector, contributing to the effective and sustainable development of bilateral cooperation between the two countries.
LH