Hong Kong looks to boost financial cooperation with Vietnam

December 15, 2023 | 13:48
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Hong Kong is looking to strengthen its financial services cooperation with Vietnam to facilitate capital flows, investment, and trade activities.
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The information was shared at an event in Ho Chi Minh City on December 14.

Hong Kong's Secretary for Financial Services and the Treasury Christopher Hui said, "Vietnam is one of the fastest-growing and most promising economies in Southeast Asia. With a large and young population, diversified industrial base, and entrepreneurial spirit, it plays a pivotal role both regionally and globally."

"The nation is a close partner of Hong Kong, sharing a long and fruitful history of cooperation in various fields, including trade and investment," he added.

Vietnam was Hong Kong's seventh-largest trading partner last year, with a total of $32.7 billion, and Hong Kong is the fifth-largest foreign investor in Vietnam. The two have had a Comprehensive Avoidance of Double Taxation Agreement with each other for nearly 15 years. This year, Hong Kong relaxed its visa policy to facilitate the employment of Vietnamese talent and tourism.

"Hong Kong is well positioned to connect Vietnam with the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), a world-class city cluster with a strong and diversified industrial base. The GBA offers immense opportunities for Hong Kong to leverage its strengths and complement other cities in the region. It offers a sizable and integrated market to international players, including Vietnamese financial institutions and corporates," he noted.

He further stated that Hong Kong is well-positioned to capture the opportunities arising from the Belt and Road Initiative (BRI), which can play a pivotal role in connecting Vietnamese institutions.

Vo Tan Thanh, vice president of the Vietnam Chamber of Commerce and Industry, highlighted Ho Chi Minh City as the financial hub of Vietnam. There is potential to transform the city into an international financial centre for the region and the world. To facilitate this goal, Vietnam needs to build specific policies to attract investment, identify a development model, and build a fintech and digital banking ecosystem.

"Hong Kong is not only a cultural and financial symbol for Asia, but also one of the world's largest financial centres. Ho Chi Minh City can learn a lot from its financial management model, from how it has built an open and flexible ecosystem to how it has attracted investment and created better conditions for businesses to grow," said Thanh.

"The tie-up with Hong Kong brings opportunities for businesses in the financial sector to expand their markets and strengthen cooperation. At the same time, they can improve management and stay resilient amidst the fluctuations in the international financial market," the vice president concluded.

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