Unlocking Substantial Potential to Propel Financial Cooperation

Mr. Vo Tan Thanh, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), highlighted the considerable untapped potential for collaboration between Vietnam and Hong Kong (China) during the business luncheon themed “Hong Kong for Vietnam: Financial Gateway to GBA, Asia, and the World”. This event, organized by VCCI Ho Chi Minh City Branch in partnership with the Hong Kong Economic and Trade Office in Singapore (HKETOSIN) and Hong Kong Investment Promotion Agency (InvestHK), aimed to foster insights into the prospects for financial cooperation.

VCCI Vice President Vo Tan Thanh welcomes Mr. Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong

In his opening remarks at the business luncheon, VCCI Vice President Vo Tan Thanh underscored Hong Kong's status as not only a cultural and financial icon in Asia but also as one of the world's largest financial centers, ranked 4th globally according to the latest GFCI Index rankings. Hong Kong serves as a financial gateway connecting China with Asia and the global market through initiatives such as the 'Belt and Road' and the 'Hong Kong - Guangzhou - Macao Greater Bay Area (GBA).' Given its vibrant and established financial ecosystem, Hong Kong emerges as a potential and strategic cooperation partner for Vietnam, particularly Ho Chi Minh City.

The exchange program aimed to provide updated insights into the financial cooperation potential between Ho Chi Minh City as well as Vietnam, and Hong Kong. It served as a valuable opportunity for Vietnamese businesses to glean knowledge on leveraging comprehensive financial services in Hong Kong to expand their global presence. Beyond being a gateway to the Chinese and Asian markets, Hong Kong is positioned as an entry point to the global financial market. Mr. Thanh emphasized that collaboration with Hong Kong not only offers Vietnamese financial firms opportunities to seek business partners and broaden their market reach, but also facilitates improvements in management quality and enhances their adaptable response to fluctuations in the international financial landscape.

Expressing shared sentiments, Mr. Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, underscored the significance of Vietnam as an important trade and investment partner for Hong Kong. The collaborative landscape between the two entities has notably expanded since the signing of the "Double Taxation Avoidance Agreement" in 2008. Additionally, Hong Kong has eased visa policies for Vietnamese workers, relaxed criteria for multiple-entry visas, and fostered an advantageous environment for enhanced cooperation in human resource exchange, business development and tourism.

Mr. Hui highlighted Hong Kong's stature as a preeminent international financial center, boasting a robust regulatory framework, a mature capital market, a diverse array of innovative financial products, a wealth of talent and expertise, and a strategic location facilitating connections between mainland China and global markets. Hong Kong's capacity positions it favorably to provide premier financial services and cultivate further collaboration opportunities with Vietnam. This is elucidated through the "3C" approach: Connectivity with strategic markets in the Greater Bay Area, Belt and Road countries, Asia, and the world; Currency; and Commitment to green and sustainable development.

Emphasizing Hong Kong's global leadership in arranging bonds issued by Asia-based entities, Mr. Hui noted that the volume organized by Hong Kong has consistently ranked first globally for seven consecutive years, exceeding US$100 billion and capturing 30% of the market in 2022. Leveraging its robust financial and service capabilities, Hong Kong is poised to play a pivotal role in connecting Vietnamese financial entities to secure funding for projects aligned with the Belt and Road Initiative. Mr. Hui outlined proactive measures deployed to enhance the competitiveness of the financial market, aimed at attracting enterprises to issue bonds in Hong Kong, fostering investor engagement, and expanding the market for green and sustainable finance. He expressed anticipation for increased participation from Vietnamese companies and financial entities, inviting them to leverage Hong Kong's stock or bond market for financing. This collaborative vision seeks to share opportunities for cooperation and contribute to the development goals of both sides, paving the way for a brighter and better future for the people, the province, and the region.

By My Chau, Vietnam Business Forum