HK promoted in Vietnam

Secretary for Financial Services & the Treasury Christopher Hui today started his visit to Vietnam where he met the top management of major financial institutions and elaborated on Hong Kong's strengths at gatherings with leading business chambers in Ho Chi Minh City.

Addressing a business luncheon co-organised by the Hong Kong Economic & Trade Office in Singapore and the Vietnam Chamber of Commerce & Industry, Mr Hui summarised what Hong Kong could offer in financial services to realise more co-operation opportunities with Vietnam in the "3Cs" of connections, currency and commitment.

Hong Kong is best positioned to connect Vietnam with the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), a world-class city cluster featuring a strong and diversified industrial base, the treasury chief said.

“The GBA offers immense opportunities for Hong Kong to leverage its strengths and complementarity with other cities in the region, and offer the opportunities of a sizable and integrated market to international market players like Vietnamese financial institutions and corporates.”

Mr Hui added that Hong Kong is also well positioned to capture the opportunities arising from the Belt & Road Initiative (BRI).

“Hong Kong can play a pivotal role in connecting Vietnamese financial institutions and corporates in fulfilling the financing and investment needs of BRI projects and its participants.”

On currency, Mr Hui highlighted that Hong Kong has a wide range of renminbi-denominated products and services, such as bonds, stocks, funds and loans.

“We have seen an increased issuance of renminbi bonds in Hong Kong. During the first 10 months of this year, issuance amounted to US$54 billion, already exceeding the amount of US$36 billion for the whole of last year.”

Riding on this market trend, Mr Hui said he looks forward to more Vietnamese corporates and financial institutions exploring issuances of renminbi-denominated bonds in Hong Kong.

Regarding Hong Kong's commitment to cope with climate change, the third “C”, Hong Kong and Vietnam can work together for the common good, he added.

At a Christmas dinner of the Hong Kong Business Association Vietnam, Mr Hui told the participants that Hong Kong's deep and sophisticated stock and bond markets as well as vibrant ecosystem of venture capital, private equity and asset management firms, could surely assist Vietnamese companies in expanding their businesses in the region.

The treasury secretary made use of today's opportunity to inform the business community of Hong Kong's recent relaxation of its visa policy in respect of employment opportunities for Vietnamese talent and the criteria for Vietnamese applying for multiple-entry visas for business and travel.

At a meeting with Vietnam Banks' Association Secretary General Nguyen Quoc Hung today, Mr Hui discussed maintaining financial resilience amid global economic uncertainties and exploring areas of co-operation such as fintech and green finance, while issues of mutual interest were covered when he met Ho Chi Minh Stock Exchange Acting Chairwoman Nguyen Thi Viet Ha.

To gather first-hand information on tech business operations in Vietnam, Mr Hui attended a gathering with the top management of three Vietnamese enterprises which care about sustainable development and run diverse businesses, from healthy food offerings to clean energy, and covering retail, finance and real estate.

He encouraged them to make use of Hong Kong's capital market to raise funds.