The Lord Mayor of London, Michael Mainelli, made a historic visit to Vietnam and Laos this week. The visit marks the Corporation’s first visit to Vietnam in ten years and the first Lord Mayor visit to Laos.
During the visit, the Lord Mayor set out the UK’s support for ASEAN’s ambitions as an emerging financial services power, meeting business leaders and Government officials at the 56th ASEAN Economic Minister Meeting being held in Laos.
The UK is the second largest exporter of financial services in the world, exporting £88.7 billion in 2022. London, the UK’s financial centre, hosts 170 foreign banks and branches. The UK is home to 1,600 fintech companies and accounts for 38% of global foreign-exchange trading.
During his 5-day visit across cities in Laos and Vietnam, the Lord Mayor met with a range of government partners and business leaders discussing ambitious projects in the region including Vietnam’s plans to open a new International Financial Centre. The Lord Mayor was also joined by representatives from TheCityUK, who have been working closely with Vietnam’s government for nearly a year, providing recommendations and capacity building to support Vietnam to design an international financial centre that reflects its dynamic and fast-moving economy.
The Lord Mayor will finish his visit in Laos where he will also meet financial services leaders in the nation as well as ministers gathering for the ASEAN Economic Minister Meeting.
Digitalisation is at the forefront of how businesses trade internationally and how consumers access services. Digitally delivered services represented around 79% of all services exports to CPTPP countries in 2021. AI is the cornerstone of increasing efficiency and quality of services, with significant opportunities for Vietnam and Laos to enhance the adoption and benefits of AI in key sectors like education and healthcare.
Lord Mayor of the , Michael Mainelli, said:
“I am delighted to have visited Vietnam and Laos this week meeting with ASEAN leaders. As the first Lord Mayor to visit Laos and the first to visit Vietnam in a decade, this visit marks the UK’s strong ambition to partner more closely with ASEAN in financial services. I look forward to the exciting collaboration to come between Vietnam’s new international financial centre and the Square Mile.”
ENDS
Notes to editors
The Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK.
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