The State Bank of Vietnam reported on Deputy Governor Nguyen Ngoc Canh accompanying Deputy Prime Minister Nguyen Hoa Binh at SIBOS 2025 in Frankfurt for meetings with Standard Chartered and J.P. Morgan, focused on expanding international banks’ engagement in Vietnam and supporting the country’s plans to develop an international financial centre and digital finance. Standard Chartered indicated it could work with Vietnam on fintech, digital assets and cryptocurrencies, and sustainable finance, including by providing advice and facilitating connections between international fintech firms and Vietnam’s fintech ecosystem. The Deputy Prime Minister highlighted the State Bank of Vietnam’s role in steering, supervising and supporting digital finance development to ensure system-wide safety and efficiency. In discussions with J.P. Morgan, Vietnam pointed to the bank’s longstanding presence and contributions in foreign exchange management, corporate bond issuance support and USD international payments, while encouraging broader activity; J.P. Morgan expressed interest in closer cooperation on USD payments, liquidity provision and securities lending against the State Bank of Vietnam’s high-quality liquid assets. The Deputy Prime Minister also referenced a National Assembly resolution establishing an international financial centre, aimed at building a modern, globally connected financial ecosystem and attracting capital linked to legal framework development, infrastructure and high-quality talent. Both banks signalled interest in studying Vietnam’s model further and coordinating with the State Bank of Vietnam and other domestic authorities, including by drawing lessons from newer international financial centre models such as India’s GIFT City, and the Deputy Governor participated in a Frankfurt investment promotion conference for Vietnam’s international financial centre.
State Bank of Vietnam 2025-10-01
State Bank of Vietnam joins SIBOS meetings as Standard Chartered and J.P. Morgan signal support for Vietnam’s international financial centre plans
Deputy Governor Nguyen Ngoc Canh attended SIBOS 2025 in Frankfurt, discussing with Standard Chartered and J.P. Morgan about expanding international banks' roles in Vietnam and developing a financial centre. Standard Chartered is interested in fintech and sustainable finance, while J.P. Morgan focuses on USD payments and securities lending. The Deputy Prime Minister emphasized Vietnam's efforts to create a globally connected financial ecosystem, with both banks eager to explore Vietnam's model and collaborate with local authorities.