VCI Legal – March 26, 2026

In the course of developing an International Financial Centre (IFC) in Vietnam, international cooperation carries significance far beyond technical assistance or investment support. It also plays a important role in shaping institutional thinking and operational standards. From that perspective, the UK–Vietnam Open Conference on the International Financial Centre 2026, held in Ho Chi Minh City on 25 March 2026, should be regarded as a noteworthy policy event. The conference was jointly organised by the British Consulate-General in Ho Chi Minh City, the British Chamber of Commerce Vietnam (BritCham), and Dragon Capital, under the overarching theme of “Financial Market Infrastructure.” 

What makes this conference particularly significant is that it did not approach the issue through symbolic messaging or general policy advocacy. Instead, it focused on the core elements that determine the genuine competitiveness of an international financial centre, namely: the legal framework, regulatory and supervisory mechanisms, financial market services, commodity derivatives markets, and the investment environment for foreign capital. This approach reflects an important shift in Vietnam’s policy thinking: the development of an international financial centre is no longer being treated merely as a symbolic development aspiration, but is increasingly being understood for what it truly is – a matter of institutional design, legal architecture, and market infrastructure. 

Against that background, cooperation between Vietnam and the United Kingdom at this stage should not be viewed merely as a conventional bilateral engagement, but rather as a process of jointly shaping the foundational conditions for a financial market structure capable of integrating meaningfully with international standards. 

1. “Financial Market Infrastructure” as the Backbone of an International Financial Centre

Based on the discussions reflected in the conference materials, the central message conveyed by the UK side is relatively clear: if Vietnam intends to build an internationally competitive financial centre, it must begin with market foundations and legal foundations. 

The remarks delivered by Ms Alexandra Smith, British Consul General in Ho Chi Minh City, may be regarded as the most important policy signal of the conference. In her view, a genuinely effective international financial centre must be built upon three essential pillars: (i) a robust legal framework; (ii) a trusted and independent regulatory framework; and (iii) sophisticated market services that facilitate trading and capital raising. 

In substance, this is a particularly accurate and well-placed way of framing the issue in light of how modern financial centres actually develop. In practice, a financial centre does not become “international” merely because it is labelled as such, nor can it evolve into a regional financial hub solely by virtue of tax incentives, land allocation, or geographic location. What gives real value to an international financial centre is its ability to create an environment in which capital flows, financial products, intermediary institutions, and investors can operate within a legal order that is transparent, predictable, and protected by credible enforcement mechanisms. 

For that reason, the conference’s decision to place “financial market infrastructure” at the centre of the discussion was not merely thematic, but substantively well founded. In this context, “infrastructure” should not be understood narrowly as physical infrastructure or urban space. It must be understood in a broader and more meaningful sense, encompassing: 

• legal infrastructure, which establishes the rules of the market;  

• regulatory and supervisory infrastructure, which preserves market discipline;  

• transactional and financial services infrastructure, which enables market functionality; and  

• perhaps most importantly, the infrastructure of trust.  

In financial markets, trust is not created through policy declarations. It is built through the quality of the legal rules and the reliability of their implementation. 

2. The Value of Vietnam–UK Cooperation: Not Institutional Replication, but Institutional Learning

One point that warrants careful emphasis is that cooperation with the United Kingdom in the development of an international financial centre should not be misconstrued as an exercise in “replicating the London model” in Vietnam. What Vietnam needs — and what the United Kingdom can meaningfully contribute — does not lie in transplanting the outward form of a mature financial centre. Rather, it lies in institutional learning and the transfer of design logic in market governance. 

The themes advanced by the UK representatives at the conference were notably practical and substantive: the legal framework, financial regulation, the development of commodity derivatives markets, foreign investment attraction, and the strengthening of market services. This reflects an approach grounded in reality: an international financial centre cannot be built on developmental ambition alone. It must instead be designed as a functioning ecosystem in which law, public regulation, financial products, and investor confidence coexist within a coherent and mutually reinforcing structure. 

The remarks of Mr Kenneth Atkinson, Member of the Executive Committee of BritCham Vietnam, further reinforce this point. While he described the establishment of an International Financial Centre as a major step in Vietnam’s economic development, he also stressed that the success of such a model depends on long-term reform, particularly in terms of strengthening the regulatory framework, ensuring transparency, and aligning with international best practices. He further noted that this is not a process Vietnam can realistically undertake in isolation, but one that requires close coordination among the State, regulatory authorities, the private sector, and international partners. 

From a legal standpoint, this observation is especially compelling. An international financial centre cannot be created as an ordinary administrative project, nor can it function effectively if it relies solely on preferential treatment or fragmented policy decisions. By its very nature, an IFC is a highly sophisticated market institution, requiring coherence across legislation, policy, risk governance, enforcement, and international standards. Accordingly, cooperation with a partner such as the United Kingdom will only have enduring value if it is translated into institutional know-how capable of practical adaptation, rather than remaining at the level of policy rhetoric. 

In this regard, representatives of BritCham also affirmed that the British business community would continue to act as a strategic partner through the sharing of experience, the promotion of policy dialogue, and support for the development of a globally connected financial ecosystem. 

3. Ho Chi Minh City and the Transitional Stage ofInstitutionalisingthe International Financial Centre 

One particularly important detail reflected in the two source articles is that the conference took place just over one month after the official launch of the Vietnam International Financial Centre in Ho Chi Minh City (VIFC-HCMC). According to Mr Nguyen Loc Ha, Standing Vice Chairman of the Ho Chi Minh City People’s Committee, this was a meaningful moment for the City to receive policy recommendations, international experience, and institutional input aimed at refining its model for the development of the financial centre. He also expressed the expectation that the conference would contribute to the formulation of specific recommendations relating to policy, supervision, and the investment environment. 

From a public policy perspective, this is a particularly significant stage. Once a financial centre moves beyond the phase of conceptual aspiration and enters the phase of institutional formation, the quality of the initial design decisions will have long-term implications for the integrity and viability of the entire operational structure. If this stage is handled well, Vietnam may be able to build an institutional platform capable of absorbing international capital flows and advanced financial services. Conversely, if the legal framework, supervisory mechanisms, and market architecture are designed inconsistently or without sufficient internal coherence, those shortcomings may later become structural impediments to the centre’s own development. 

A relatively clear conclusion may therefore be drawn: Vietnam–United Kingdom cooperation in advancing the development of an International Financial Centre is moving in a direction that is more substantive and institutionally grounded than many of the more formalistic approaches often observed in comparable policy settings. The centre of gravity of this cooperation does not lie in symbolism or promotional narrative, but in the foundational conditions that determine whether a modern financial centre can actually function. 

The core message emerging from the conference of 25 March 2026 is therefore a straightforward but important one: an international financial centre can only develop sustainably if it is built upon a robust legal framework, a trusted regulatory structure, and a sufficiently deep system of market services. That proposition is not merely a recommendation for Vietnam; it reflects a broader principle that applies to any financial centre seeking meaningful participation in the architecture of global markets. 

Accordingly, if Vietnam intends to transform its IFC ambition into a genuinely competitive institutional platform, then the focus of reform in the coming period must be placed squarely on the quality of its legal foundations and the operational capacity of its institutions. Only then can the International Financial Centre move beyond the limits of a policy project and become a substantive component of Vietnam’s broader strategy to elevate its financial and legal standing within the region and internationally. 

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