Viet Nam, UK share experience in financial industry

Thursday, Jul 04, 2019 16:10

Vietnamese Minister of Finance Dinh Tien Dung (left) on Wednesday meets UK Chancellor of the Exchequer Philip Hammond on his working trip to the UK. – VNA/VNS Photo Diem Quynh

The United Kingdom is willing to provide assistance to increase the efficiency of the Vietnamese economy, and intensify co-operation on preventing money laundering, Chancellor of the Exchequer Philip Hammond said on Wednesday.

Hammond made the statement when receiving Vietnamese Minister of Finance Dinh Tien Dung who is leading a delegation from the finance ministry and the State Securities Commission of Viet Nam (SSC) on a trip to the UK from July 2-6.

Dung briefed his host on Viet Nam’s economic situation as well as measures the Government has taken to boost growth, cut public debts, maintain low inflation, restructure the economy and attract more investment.

Hammond expressed interest in the equitisation of State-owned enterprises in Viet Nam.

The Vietnamese delegation also had a working session with CEO & Director-International Development at London Stock Exchange Plc Nikhil Rathi, during which SSC Chairman Tran Van Dung said the UK’s indirect investment in Viet Nam, at nearly US$1 billion, is modest compared to UK investors’ potential and the Vietnamese market’s absorption capacity.

The UK is the second biggest European investor in Viet Nam, after the Netherlands, with 267 foreign direct investment projects worth $3.75 billion, and Viet Nam’s third largest trade partner in Europe after Germany and the Netherlands.

The two sides have signed an agreement on double taxation avoidance and another on investment protection and promotion, and are working towards a free trade agreement. – VNS

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