Minister Dinh Tien Dung started investment promotion activities in the UK

Minister Dinh Tien Dung started investment promotion activities in the UK 05/08/2019 06:46:00 652

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From July 2-8, Minister Dinh Tien Dung led a delegation of the Vietnamese Finance Ministry to London to conduct meetings and dialogues with major investors of the United Kingdom.

From July 2-8, Minister Dinh Tien Dung led a delegation of the Vietnamese Finance Ministry to London to conduct meetings and dialogues with major investors of the United Kingdom.

Attending the Investment Promotion Conference in London were large enterprises and corporations of Vietnam such as Bao Viet Group, Coal - Minerals Group, Petroleum Corporation, Vietnam Airport Corporation, Bank for Investment and Development of Vietnam (BIDV), Bank for Industry and Trade (Vietinbank), Vietnam Agricultural Bank (Agribank), Saigon Commercial Bank (Sacombank), and a number of, fund management companies in Vietnam such as SSI, HSC, MBS, BSC .... The conference attracted active participation of investors in the UK, including large investment funds such as Ashmore, HSBC AM, JP Morgan, Swiss Re Group, RBC Global Asset Management, Amundi Asset Management ...

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Minister Dinh Tien Dung had a meeting with UK Chancellor of the Exchequer-Mr. Phillip Hammond

Vietnam and the United Kingdom have established diplomatic relations for the past 45 years., According to the Ambassador Extraordinary and Plenipotentiary of the United Kingdom in Vietnam, Mr. Gareth Ward, “Since the establishment of diplomatic relations in 1973, it can be said that the relations between the two countries are in the best period, many positive achivements have been made in specific areas of cooperation”.

Regarding investment, the UK is currently ranked 15th among countries and territories investing in Vietnam, with a total registered capital of about 3.75 billion USD as of 2018. This was a good opportunity and premise for promoting indirect investment between the two markets, opening up opportunities for promoting the development of Vietnam and UK financial markets.

The Vietnamese Finance Ministry has cooperated with the Ministry of International Trade (represented by the UK-ASEAN Business Council) to hold an Investment Promotion Conference called "Investment in Vietnam". The conference aimed to promote Vietnam's capital market, with strong investment and potential expectations in the coming years. One of the highlights of the Investment Promotion Conference, including this London event, chaired by the Minister of Finance, was a direct policy dialogue between foreign investors and the financial management agency of Vietnam. "From policy to practice" was the approach to policy dialogue and business dialogue with foreign investors of the UK Investment Promotion Conference, held at the heart of London Financial District.

For the financial investment of foreign investors, the Government of Vietnam recognized and appreciated the trust and presence of financial corporations and British investors in Vietnam. The value of direct investment of nearly 4 billion USD of UK investors in Vietnam has not yet reflected the potential of the UK, while the UK was one of the 5 largest foreign investment countries in the world (about 300 billion USD), at the same time, also the largest foreign investment attraction in the world.

In addition, the UK's indirect investment in Vietnam was approximately US $ 1 billion, still quite modest compared with the potential of British investors and with the ability to absorb investment capital of Vietnam market. Currently, the number of foreign investors with British nationality who register for securities depository accounts in Vietnam is 269 (including 120 individual investor accounts, 149 institutional investor accounts), with a total investment value equivalent to VND 21,700 billion (equivalent to US $ 944 million). Thus, the financial market segment still has a lot of new opportunities for cooperation between the two countries, and there was much potential for British investors.

During this working visit and chairing the investment promotion conference, Minister Dinh Tien Dung had meetings with the UK Chancellor of the Exchequer, leaders of the London Financial Region, the British House of Representatives, ... Besides, the Minister would witness the signing ceremony of MOU with the State Securities Commission of Vietnam and UK Financial Conduct Authority. In addition, Minister Dinh Tien Dung would also have direct contacts and exchanges with a number of international financial investors in London./.

 Mai Ly