On March 24, 2026, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Tien Dzung met with a United Kingdom (UK) delegation led by Ms. Alex Smith, British Consul General.
On the SBV’s side, there were representatives from relevant entities. The UK delegation comprised Ms. Angela Knight CBE, Chair of the Board of the Astana Financial Services Authority (AFSA) and Member of the Astana International Financial Centre (AIFC) Management Council; Mr. Andrew Oldland KC, Chair of the International Financial Centres Working Group from TheCityUK; Mr. Stephen Glynn, International Expert in Green Finance under the UK PACT programme; and officials from the British Embassy.
Overview of the meeting
At the meeting, Deputy Governor Pham Tien Dzung expressed his sincere appreciation for the UK Government’s support to the Government of Vietnam in general, and to the SBV in particular, especially through cooperation initiatives such as TheCityUK and the UK PACT programme. These initiatives have supported Vietnam in developing its International Financial Centres (IFCs) and promoting green finance in the region.
Exchange of experience in building and operating the AIFC
The Deputy Governor noted that in July 2025, the SBV organized a study mission to the AIFC in Kazakhstan. The delegation highly appreciated the AIFC’s modern infrastructure, professional operating model, and the valuable lessons drawn from its development. On that basis, he expressed his hope to further exchange views with Ms. Angela Knight on practical experiences and implementation.
Sharing key aspects of the AIFC’s establishment and operations, Ms. Angela Knight emphasized several important points. These included the need to clearly define a strategic orientation from the outset and to develop an appropriate legal framework, including the adoption of a common law system and compliance with international standards such as Basel Principles. Full implementation of FATF recommendations is also crucial to ensure transparency, effective risk control, and international credibility.
Regarding governance, she highlighted the importance of establishing an independent financial services authority with full powers, alongside a closely coordinated mechanism with the central bank to ensure effective supervision, maintain stability, and mitigate systemic risks. In terms of banking activities, she suggested focusing on specialized areas such as international payments, foreign exchange trading, and capital market services, rather than traditional banking operations.
She also stressed that the legal framework for an IFC should remain flexible and be regularly updated in response to both domestic and international developments.
The UK delegation at the meeting
Deputy Governor Pham Tien Dzung noted that the AIFC model shares many similarities with Vietnam’s orientation in developing its IFCs, particularly in establishing a separate legal framework and applying specific policies in the financial and banking sectors.
Recently, the SBV has taken the lead in drafting Decree No. 329/2025/ND-CP on licensing, supervision of banking and foreign exchange activities, as well as anti-money laundering and counter-terrorism financing within the IFCs. This is a key legal document receiving close attention and direction from the SBV Governor. Experiences from international models such as the AIFC have provided valuable references, strengthening both theoretical and practical foundations for the SBV’s policy proposals, ensuring feasibility and alignment with international practices.
Promoting green finance within the IFC framework
The UK side noted that, through the UK PACT programme, the UK Government has been supporting Vietnam in developing a legal framework for green and sustainable financial services within the IFCs, in line with international practices and national regulations. The delegation also shared international experiences in green finance development at IFCs such as the ADGM, the DIFC, and the AIFC, and provided recommendations for Vietnam.
The Deputy Governor emphasized that the Prime Minister has approved the National Green Growth Strategy for 2021–2030 period, with a vision to 2050, under which green credit is identified as a key task of the banking sector.
For the IFCs, Decree No. 324/2025/ND-CP provides for standards and green financial products, with the Ministry of Finance serving as the lead agency.
Trade Finance Registry (TFR)
The representative of the UK delegation also introduced ongoing cooperation initiatives to develop a Trade Finance Registry (TFR) project in Vietnam. The project aims to leverage digital technology to enhance transparency, detect fraud, and reduce costs and administrative procedures for businesses, particularly small and medium-sized enterprises (SMEs).
The Deputy Governor highly appreciated this initiative and reaffirmed Vietnam’s policy to promote digital transformation in the banking sector. In practice, the development of e-banking in Vietnam has been approaching that of developed countries.
The SBV acknowledged the benefits of the TFR, including the digitization of trade finance processes, reduction of document fraud, shorter processing time, lower operational costs, improved risk management, and enhanced transaction traceability. However, its implementation requires careful consideration of legal aspects, particularly cross-border data processing, personal data protection, dispute resolution related to electronic signatures, and cybersecurity.
In closing, Deputy Governor Pham Tien Dzung expressed his hope that the UK Government will continue supporting Vietnam in developing the IFC and promoting green finance. He expressed his confidence that financial and banking cooperation between Vietnam and the UK will continue to grow in an effective and sustainable manner.