Ample room remains for finance cooperation between Vietnam, Hong Kong
There remains huge room for Vietnam and Hong Kong (China) to cooperate in financial services, which can create capital flows for investment and trade activities in Asia and the world, participants heard at an event held in Ho Chi Minh City on December 13.
At the event, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Vo Tan Thanh said that turning HCM City into an international financial centre is not only an inevitable trend but also an demonstration of a dynamic, developed and integrated country.
To do that, it is necessary to build specific mechanisms and policies for the city to attract investment, identify a model to develop, and build a financial technology and digital banking ecosystem, he said.
The city also needs to promote the internationality of financial services and activities by connecting, learning and cooperating with regional and world financial centres, Thanh said, adding that the city's financial services now still mainly serve the domestic financial market and economy.
Meanwhile, Hong Kong (China) is not only an Asian cultural and financial symbol, but also one of the largest financial centres in the world, he said, adding that HCM City can learn a lot from Hong Kong’s financial management model.
Hong Kong’s Secretary for Financial Services and the Treasury Christopher Hui said that economic relations between Vietnam and Hong Kong is steadfast and close. In 2022, Vietnam was Hong Kong's seventh-largest trading partner in trade in goods amounting to US$32.7 billion. The average annual growth rate was 14.5% from 2018 to 2022.
According to the official, Vietnam was Hong Kong's second-largest supplier of rice. Hong Kong's businessmen are active in doing business and investing in Vietnam. Hong Kong is the fifth-largest foreign investor in Vietnam.
He said Hong Kong has the strength and capacity to assist Vietnamese companies in expanding their business in the region.
Being a well-known international financial centre, Hong Kong has deep and sophisticated stock and bond markets, as well as a vibrant ecosystem of venture capital, private equity and asset management firms. They are to serve the funding needs of enterprises and governments ranging from business expansion, infrastructure development to green transition, Hui said.
