Overview of the meeting. Photo: Duc Khanh
Joining the meeting on the SBV side were representatives from the Payment Department, the Legal Affairs Department, the Monetary Policy Department, the International Cooperation Department, the Foreign Exchange Management Department, and the Information Technology Department. The UK delegation included the British Ambassador and the Consul General to Vietnam, along with senior executives from several UK-based financial institutions and corporations operating in Vietnam.
SBV Deputy Governor Pham Tien Dzung speaks at the meeting. Photo: Duc Khanh
The discussions focused on key areas of mutual interest, including the development of international financial centers (IFCs), fostering fintech and open banking ecosystem, and advancing digital assets, electronic payments, and risk management frameworks.
In his opening remarks, Deputy Governor Pham Tien Dzung expressed appreciation for the UK Government’s longstanding support to the SBV and Vietnam’s banking sector through initiatives such as TheCityUK program, projects promoting green finance, and the recent introduction of the Trade Finance Registry (TFR) platform, which enhances digitalization, transparency, and efficiency in trade finance. He also acknowledged the on-going contributions of the UK banks in Vietnam—especially Standard Chartered and HSBC —for their commitment to Vietnam’s economic growth.
Looking ahead, Vietnam aims to develop its IFCs as magnets for institutional investors, pension funds, and international investment funds, contributing to the capital market expansion. The Deputy Governor noted that the SBV is currently drafting a comprehensive decree covering the licensing, banking operations, foreign exchange management, anti-money laundering, combating terrorist financing, and the financing of weapons of mass destruction within the IFC operational framework. He emphasized the importance of tailoring the IFC model to Vietnam’s unique context, drawing from international examples in the UAE, China, and Kazakhstan.
Lord Mayor Alastair King speaks at the meeting. Photo: Duc Khanh
Lord Mayor Alastair King affirmed the UK’s readiness to support Vietnam in building and operating its IFCs in line with the global best practices. He shared insights into the UK’s financial success—citing a transparent legal system rooted in English common law, a bottom-up regulatory approach, and strong stakeholder engagement. He also highlighted the UK’s effective use of regulatory sandboxes, which facilitate collaboration between regulators and innovators—an approach that could benefit Vietnam’s IFC development.
Deputy Governor Pham Tien Dzung took a commemorative photo with the delegates.
Photo: Duc Khanh
Discussing progress in digital payments, Deputy Governor Pham Tien Dzung reported that non-cash transactions in Vietnam have sustained double-digit annual growth. The Government and the SBV are focused on improving the legal framework to enable banks to offer comprehensive financial services via mobile platforms. Regulations on eKYC, including transaction limits prior to additional verification, have been introduced to enhance financial inclusion and encourage broader access to financial services for individuals and businesses. The Deputy Governor concluded by reaffirming the SBV’s core objective: placing people at the center of digital transformation to ensure that all citizens—especially vulnerable groups—have access to safe, convenient, and affordable financial and banking services.
HM