The State Bank of Vietnam reported that Deputy Governor Pham Tien Dung joined a government delegation led by Deputy Prime Minister Nguyen Hoa Binh on a study visit to the United Kingdom, Luxembourg and Germany to learn from international financial centre models, as Vietnam plans to develop international financial centres in Ho Chi Minh City and Da Nang. SBV indicated it is conducting a detailed review of legal changes and special banking policy arrangements to support banking activity in the planned centres and to help attract reputable international financial institutions and investors. During the trip, Dung led SBV bilateral meetings with banking-sector counterparts to understand approaches to designing bank-specific policy regimes for an international financial centre, drawing on the perspectives of regulators including the Bank of England and the operating practices of foreign financial institutions such as HSBC. The discussions focused on international best practices for developing a robust legal foundation for managing banking within a financial centre; international experts also advised Vietnam to follow a phased, strategic and cautious development roadmap and consider lessons from comparable emerging markets such as China and India.

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