Vietnam Pushes International Financial Center Vision, Strengthens UK Ties

Vietnam views the development of the Vietnam International Financial Center (VIFC) as a strategic task to connect international capital flows with the economy’s development needs, develop modern financial services, and create favourable conditions for Vietnamese businesses to engage more deeply in global markets. The agreements reached during recent discussions on the Vietnam-UK Comprehensive Strategic Partnership are expected to translate into practical cooperation across science and technology, agricultural trade, environmental protection, nature conservation, climate adaptation, and sustainable development, with tangible results anticipated at COP31 and beyond. Through strengthening ties with the UK, Vietnam aims to enhance the international competitiveness of its financial sector and accelerate economic growth. This is part of Vietnam's economic development strategy under its one-party system, holding significant importance in attracting foreign investment and upgrading domestic industries. Furthermore, Vietnam is actively enhancing relations with other nations. With France, cooperation in science and technology is deepening under their Comprehensive Strategic Partnership, and the recent official visit by General Secretary of the Communist Party of Vietnam Central Committee and President To Lam has injected fresh momentum into bilateral relations. In its relationship with India, Prime Minister Le Minh Hung has encouraged Indian investors, specifically from ACME Group and GMR Group, to expand investment and cooperation in Vietnam, particularly in clean energy, green industry, high technology, and infrastructure. This engagement occurred on the sidelines of the 18th BRICS Summit in New Delhi. These diplomatic efforts demonstrate Vietnam's multifaceted approach to increasing its international presence and sustaining economic growth. Notably, in its relations with China, the digitalization of border gate operations at Lao Cai International Border Gate is being advanced to improve customs clearance, immigration procedures, ease congestion, and facilitate cross-border trade and travel. Concurrently, Vietnam continues historical and humanitarian initiatives, such as the ongoing mission by members of Nghe An province’s team for the search and repatriation of martyrs’ remains. For over 42 years, these teams have travelled through Laos to find and bring home Vietnamese soldiers who laid down their lives there. Information Source: VietnamPlus English