Ambassador for UK financial services shares experience in HCM City

Leading figures in the business community in Ho Chi Minh City on 24 March listened to the Lord Mayor of the City of London, Alderman Michael Bear, speak about the City of London’s experience in dealing with the economic downturn.

The visiting Lord Mayor spoke about it at a business luncheon attended by about 80 chief executives and chief financial officers from businesses.

Lord Mayor of the City of London, Michael Bear, speaks at a business luncheon in Ho Chi Minh City on Mar 24, 2011 (Photo: Tuong Thuy)

The event was hosted by ACCA Vietnam, a unit of the UK-based Association of Chartered Certified Accountants – an international professional accounting and auditing organization.

Ms. Le Thi Hong Len, head of ACCA Vietnam, said, “We hope business executives here can learn a great deal from the experiences of other economies, particularly one where the financial service sector is strong and makes significant contributions to the economy.”

Mr. Bear shared his views and answered questions at the business luncheon on the last day of his four-day visit to Vietnam, in which he acted as the ambassador for UK-based financial services.
The Lord Mayor was accompanied by a City of London business delegation.

Participants at the luncheon also heard guest speaker Dominic Scriven from Dragon Capital, who briefed them about the subject of economic instability this year in Vietnam, and whether are ready to face the challenges.

The Lord Mayor’s Vietnam visit on Mar 19-24 had a strong focus on assisting the Vietnamese economy in providing development solutions.

The Lord Mayor said in a statement, “Vietnam has a strong need for new infrastructure. Developing a modern emerging market economy will require substantial investment in physical infrastructure and human capital, and the challenge will be to fund these investments in a fiscally sustainable manner.

“Following the signing of the Strategic Partnership between Vietnam and the UK in 2010, there are huge opportunities for both countries to increase bilateral trade and investment. Businesses in the Square Mile [City of London] can not only bring capital, but also technical expertise and management know-how to share with our Vietnamese partners.”

By Tuong Thuy

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