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Andrew Oldland KC assists establishment of International Finance Centre in Vietnam

Andrew Oldland KC, a Partner in the Firm’s Commercial & Regulatory Disputes team, has been appointed the Chairman of a UK/Vietnamese working group advising the Vietnamese government on establishing an International  Centre (IFC).

The UK Foreign & Common Office (FCO) approached TheCityUK to access the expertise of its members to support the Vietnamese government in this initiative. The UK Government values its long-term partnership with Vietnam and Financein recognition of the diplomatic relations between the two countries, responded to the request of the Vietnamese government requesting assistance in the IFC’s establishment.

TheCityUK is the industry-led body representing UK-based financial and related professional services.

In March 2023 an ad hoc Working Group was established by TheCityUK to produce an initial scoping report. Given his experience in advising the Astana International Financial Centre (AIFC) in Kazakhstan, ARO KC was invited to chair the Working Group. Since 2017, ARO KC has been a member of the Legal Advisory Council to the AIFC, reviewing legislation and providing strategic legal advice, as well as leading the team which drafted many of the financial regulations for the AIFC.

Other members of TheCityUK’s Working Group include HSBC, Standard Chartered, Dragon Capital, Prudential, KPMG, Clifford Chance, Freshfields, ACCA, London Stock Exchange, CISI and Simmon & Simmons.

The Scoping Report was launched in June 2023, following which funding was provided by the FCO for further phases, including the formal establishment of Working Group under a Memorandum of Understanding between TheCityUK and the Ministry of Planning & Investment of the Vietnamese government.

In November 2023, ARO KC, together with senior figures from TheCityUK, led a delegation to Hanoi and Ho Chi Minh City, during which the Memorandum of Understanding (MoU) was signed, a number of high-level meetings with relevant ministries and the State Bank of Vietnam took place, and the Working Group held the first of a series of meetings scheduled for the next 12 months.

The Working Group is aiming to produce a set of recommendations for the IFC project by September 2024.

As a Partner in Michelmores’ Commercial & Regulatory Disputes team, ARO KC specialises in contentious regulatory work, focusing on international financial regulation and white collar crime.

He is barrister, King’s Counsel and a part-time judge sitting in both civil and commercial and criminal cases, having joined Michelmores from the independent bar in 2011 and acting as the Firm’s Senior Partner between 2017 and 2021.

For more information or to contact Andrew Oldland KC, visit our website.