Vice President of the Vietnam Chamber of Commerce and Industry (VCCI) Vo Tan Thanh speaks at the event. (Photo: VNA) HCM City (VNA)– There remains huge room for Vietnam and Hong Kong (China) to cooperate infinancial services, which can create capital flows for investment and tradeactivities 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 aninevitable trend but also an demonstration of a dynamic, developed and integratedcountry.
To do that, it is necessaryto build specific mechanisms and policies for the city to attract investment,identify a model to develop, and build a financial technology and digital bankingecosystem, he said.
The city also needs topromote 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 largestfinancial centres in the world, he said, adding that HCM City can learn a lot fromHong Kong’s financial management model.
Hong Kong’s Secretary forFinancial Services and the Treasury Christopher Hui said that economicrelations between Vietnam and Hong Kong is steadfast and close. In 2022,Vietnam was Hong Kong's seventh-largest trading partner in trade in goodsamounting to 32.7 billion USD. The average annual growth rate was 14.5% from2018 to 2022.
According to the official, Vietnam was Hong Kong's second-largest supplier of rice. HongKong's businessmen are active in doing business and investing in Vietnam. HongKong is the fifth-largest foreign investor in Vietnam.
He said Hong Kong has thestrength and capacity to assist Vietnamese companies in expanding theirbusiness in the region.
Being a well-knowninternational financial centre, Hong Kong has deep and sophisticated stock andbond markets, as well as a vibrant ecosystem of venture capital, private equityand asset management firms. They are to serve the funding needs of enterprisesand governments ranging from business expansion, infrastructure development togreen transition, Hui said./.
