HONG KONG FOR VIETNAM: FINANCIAL GATEWAY TO GBA, ASIA AND THE WORLD

This is an event in a series of promotional activities organized by VCCI-HCM in collaboration with the Hong Kong Economic and Trade Office in Singapore (HKETOSIN) and Hong Kong Investment Promotion Bureau (InvestHK) to promote cooperation between Hong Kong - Ho Chi Minh City in particular and Hong Kong - Vietnam in general.

Speaking at the opening of the event, Mr. Vo Tan Thanh - Vice President of VCCI said Hong Kong is not only an Asian cultural and financial icon, but also one of the world's largest financial centers (ranked 4th in the latest GFCI Index rankings). Hong Kong has the strength of being the financial gateway between China and the region and the world through the "Belt and Road", "Hong Kong - Guangzhou - Macao Greater Bay Area" initiatives. With a vibrant and long-standing financial ecosystem, Hong Kong is a potential and strategic cooperation partner for Vietnam in general - Ho Chi Minh City in particular. Ho Chi Minh City can learn a lot from Hong Kong's financial management model, from how they build an open and flexible ecosystem to how they attract investment and create favorable conditions for businesses to grow. Cooperation with Hong Kong not only brings opportunities for businesses in the financial sector to expand markets and business cooperation, but also helps improve management quality and ability to adapt the fluctuations of the international finance market.

Vice President of VCCI added during the visit to Vietnam of Mr. Christopher Hui - Secretary for Financial Services and the Treasury of the Hong Kong SAR, VCCI-HCM is honored to continue to be the coordinating partner in organizing the meeting and exchange event between the Hong Kong government delegation and the Vietnamese business community in the fields of banking, securities, investment funds, insurance, financial investment, and fintech. "Besides providing updated information about the potential for cooperation between Ho Chi Minh City in particular and Vietnam in general with Hong Kong in the financial sector, we believe that today's event is also an opportunity for Vietnamese companies to explore how to leverage comprehensive financial services in Hong Kong to expand their business internationally. Hong Kong is not only the gateway to the Chinese and Asian markets but also a bridge to the world" - Mr. Thanh emphasized

Sharing the same opinion, Secretary Christopher Hui said Vietnam is a close and important partner of Hong Kong, with a long and fruitful history of cooperation and exchange in various fields such as trade and 2 investment. Vietnam was our 7th largest trading partner in trade in goods last year, amounting to US$32.7 billion. Hong Kong is also the 5th largest foreign investor in Vietnam. We have signed a Comprehensive Avoidance of Double Taxation Agreement with Vietnam for nearly 15 years since 2008. In the Chief Executive's Policy Address, he announced the relaxation of visa policy in respect of employment for Vietnamese talents and the criteria for Vietnamese applying for "multiple-entry visas" for business and travel. "I am sure this good news will further enhance the cooperation between Hong Kong and Vietnam in the areas of talent exchange, business development and travel" - Mr. Christopher Hui affirmed

Also according to Secretary for Financial Services and the Treasury of the Hong Kong SAR, Hong Kong is a leading international financial centre, with a robust and mature regulatory regime, a deep and liquid capital market, a diversified and innovative financial product suite, a strong pool of talent and expertise, and a strategic location connecting the Mainland China and overseas markets. Hong Kong very much look forward to offering the best we have in financial services, and cultivate and realise more cooperation opportunities with Vietnam. This can be summarised in "3Cs", namely: Connections with strategic markets in the Greater Bay Area, Belt and Road countries, Asia and the world; Currency RMB; Commitment towards green and sustainable development.

Hong Kong is not only a financial gateway to the GBA and BRI, but also to Asia and the world. Hong Kong has a deep and broad capital market, which is the prime fundraising platform for many companies. Counting in terms of bonds issued internationally by Asia-based entities, the volume arranged by Hong Kong ranked first globally for seven consecutive years since 2016, exceeding US$100 billion and capturing 30 per cent of the market last year. To foster greater participation from investors and fundraisers from around the world in Hong Kong's bond market, the Government has implemented a series of measures to enhance its competitiveness. These initiatives include attracting enterprises to issue bonds in Hong Kong, promoting investor engagement, and expanding the market for green and sustainable finance. "Hong Kong very much look forward to having more Vietnamese corporates and financial institutions to leverage our stock or bond market for financing. I also hope that Vietnam and Hong Kong can strengthen our friendship and partnership over the "3Cs" I just now mentioned, and work together to create a brighter and better future for our people, our markets and our region" - Mr. Christopher Hui expressed.

Source: Vietnam Business Forum