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During his visit to the UK, on the evening of March 16 (local time), Deputy Prime Minister Nguyen Hoa Binh met with staff from the Vietnamese Embassy and members of the Vietnamese Intellectuals Association in the UK.

Deputy PM Nguyen Hoa Binh speaks at a meeting with embassy staff and Vietnamese intellectuals in the UK. (Photo: VGP/Dinh Hai)

Strengthening and Expanding the Vietnamese Community in the UK

Vietnamese Ambassador to the UK, Do Minh Hung, reported to the Deputy Prime Minister that in recent years, the Vietnam-UK Strategic Partnership has developed well across various fields. The two countries regularly exchange delegations at different levels and effectively implement bilateral cooperation frameworks. In 2024, the bilateral trade turnover between the two nations reached a record of $8.5 billion.

Regarding the Vietnamese community in the UK, there are currently around 100,000 Vietnamese living and working in the country, including approximately 12,000 students and many intellectuals and experts working at universities, research institutes, and technology corporations in the UK and internationally.

In implementing political and diplomatic tasks in the UK, the Vietnamese Embassy has always prioritized community-related affairs, organizing cultural events such as the traditional Lunar New Year celebration and frequently engaging with Vietnamese associations. The goal is to strengthen and develop the Vietnamese community in the UK, fostering solidarity, integration into local socio-economic life, and maintaining a strong connection with Vietnam. This community serves as a bridge for friendly relations and cooperation between the two countries.

With the support of the Vietnamese Embassy, the Vietnamese Intellectuals Association in the UK was officially established in 2020. Since then, it has carried out meaningful and practical activities that enhance connections and cooperation between the two countries in education, training, science, and technology.

International Financial Centers as Key Capital Mobilization Channels

Addressing the intellectuals, economic experts, and staff of the Vietnamese Embassy in the UK, Deputy Prime Minister Nguyen Hoa Binh extended warm greetings and best wishes. He emphasized that his visit aimed to further deepen the Vietnam-UK Strategic Partnership, making it more substantive and effective. The UK remains one of Vietnam’s leading partners in Europe, particularly in economics, trade, and investment. It is also home to an advanced education system, where many Vietnamese scientists live and work. Over time, many Vietnamese students have studied in the UK and returned to contribute significantly to Vietnam's economic and social development.

Additionally, the delegation’s visit aimed to implement the Politburo’s directive on establishing two international financial centers in Da Nang and Ho Chi Minh City by learning from international experiences and fostering cooperation. The UK, as a long-established financial market with extensive expertise, has supported Vietnam in drafting proposals for these financial centers. Recently, a seminar on this topic in Da Nang saw active participation from UK experts, particularly from the Tony Blair Institute.

"If successfully implemented, these two international financial centers in Ho Chi Minh City and Da Nang will provide a significant boost to Vietnam’s economy, ushering in a new era of national prosperity and strength," the Deputy Prime Minister stated.

Deputy PM hopes they will support the development of international financial centers in Vietnam. (Photo: VGP/Dinh Hai)

He also praised the Vietnamese Embassy in the UK for effectively coordinating with relevant agencies in both countries to organize the delegation’s visit with a well-structured and productive agenda. Additionally, he commended the Vietnamese Intellectuals Association in the UK for its serious discussions and insightful analyses regarding the establishment of these financial centers. Their objective assessments and recommendations will help expedite the development and operationalization of these centers.

The Deputy Prime Minister highlighted that Vietnam is in the final year of its 13th Party Congress term and is actively preparing for the 14th Party Congress. This upcoming term is expected to mark a significant milestone in the country’s history, as Vietnam steps into a new era of progress and national resurgence.

Looking back on nearly 100 years of the Communist Party’s leadership, the Vietnamese people have entrusted the Party with several historic missions, including national liberation, reunification, post-war recovery, and improving living standards. Today, Vietnam has accumulated sufficient resources and strategic strength to advance into this new era.

To prepare for this transition, the Party and the government are implementing numerous critical policies, including drafting documents for the 14th Party Congress. These strategies outline clear goals leading up to two major milestones: the 100th anniversary of the Party’s founding in 2030 and the 100th anniversary of Vietnam’s independence in 2045. Given that only 20 years remain until 2045, Vietnam aims to become a developed industrial nation by then. One key criterion is achieving a per capita income of $15,000–$17,000 per year—significantly higher than the current level. Achieving this goal requires sustaining double-digit economic growth for many years, a challenge that Vietnam must tackle to secure national prosperity.

To meet these targets, various initiatives and solutions are being implemented. The Politburo has issued Resolution No. 57 to promote science, technology, and innovation, which has been highly welcomed by the scientific and intellectual community.

Additionally, the government is pushing forward with administrative streamlining and restructuring efforts to achieve three major objectives: establishing an efficient and effective administrative system with a well-structured, competent workforce; expanding development opportunities for localities, maximizing their potential and strengths and strengthening decentralization and delegation of authority within government agencies.

Through these reforms, provinces with both coastal and mountainous regions can better harness their advantages. On average, each province is expected to have a population of 3–3.5 million, enabling more effective regional development. However, seven border provinces still face significant challenges, requiring strategic resource allocation for their future growth.

Another crucial upcoming policy is the Central Committee’s resolution on private sector development, which is expected to serve as a significant catalyst for economic expansion. While the state sector remains essential, its resources are limited. Meanwhile, the private sector, with over one million businesses (potentially growing to 2–3 million), plays a vital role in economic growth and national development.

Given the substantial resources needed for Vietnam’s investment and development in this new era, international financial centers will play a crucial role in capital mobilization. These centers will be key instruments in Vietnam’s financial market, attracting investment and ensuring economic stability.

Deputy Prime Minister Nguyen Hoa Binh expressed his hope that the Vietnamese Intellectuals Association in the UK will continue to support and contribute actively to the formation and development of international financial centers in Vietnam.

He also urged the Vietnamese Embassy in the UK to enhance cooperation efforts with the UK across multiple sectors, particularly in trade, investment, and economic development, aiming to achieve even more impressive bilateral trade figures in the future. Additionally, he encouraged the embassy and the Vietnamese community in the UK to actively promote Vietnam’s image, culture, and people, as well as foster exchanges in education, culture, and people-to-people relations.

Professor Nguyen Xuan Huan, President of the Vietnamese Intellectuals Association in the UK, highlighted the organization’s recent achievements. Upon receiving requests from relevant authorities in Vietnam, the association conducted thorough discussions and provided well-reasoned, responsible recommendations regarding the establishment of the two international financial centers in Da Nang and Ho Chi Minh City. He affirmed the association’s commitment to continued collaboration with Vietnamese authorities in policy consultations to support these financial centers’ formation and development.

With Vietnam’s current stability, strong macroeconomic foundation, and strategic location, Professor Huan expressed confidence that the two international financial centers will soon be established, operational, and contributing effectively to the country’s economic growth.

At the meeting, Deputy Prime Minister Nguyen Hoa Binh, along with Vietnamese government officials, UK-based Vietnamese professors, associate professors, and economic experts, engaged in discussions on various aspects of establishing and developing international financial centers in Vietnam. Key topics included resource mobilization, policy mechanisms, human resource training, financial center governance, investment attraction, and system security.

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