Secretary for Financial Services and the Treasury of Hong Kong Christopher Hui. (Photo: VNA) Hong Kong (VNA) – Hong Kong and Vietnamhave numerous areas in which they could closely cooperate with each other, especially in professional financial services, Secretary for FinancialServices and the Treasury of Hong Kong ChristopherHui said following his trip to Vietnam from December 13-15.
Speaking to aVietnam News Agency reporter in Hong Kong, Hui said Vietnam is now HongKong's seventh largest trade partner while Hong Kong is the fifth largestsource of foreign direct investment in Vietnam.
He noted that the places he visited, such as Hanoi and Ho ChiMinh City, are vibrant economic areas with immense potential. He wished thateconomic cooperation between Hong Kong and Vietnam would become even closer inthe future.
According to him, the Hong Kong authorities eased visarestrictions in late October for employment from Vietnam and those comingfor business and tourism purposes. The move is expected to improvepeople-to-people and business-to-business connectivity. Forcompanies seeking capital, he said companies could mobilise capital through stock listing orbond issuance, and Hong Kong is a reliable destination for Vietnamese firms toexplore these opportunities.
About stock listing, he said there aremore than 100 companies from ASEAN member countries listed on the Hong KongStock Exchange (HKEX), including two from Vietnam.
He hoped to see more Vietnamese firms listed onthe HKEX. Particularly, Hong Kong welcomes an increasing number of technology, smalland medium-sized enterprises (SMEs) joining the market.
Hui revealed that Hong Kong has been the largest centre for Asian enterprises toissue bonds with international advantages over the past seven years. Due to thehigh interest rates in USD, there has been a trend of issuing bonds in Chineseyuan (CNY). Therefore, Hong Kong wishes to attract more Vietnamese companies toissue bonds in CNY, even green bonds, as well as issue shares and list on the HKEX.
In 2022, the total issuance of green and sustainable debt, comprising both bonds and loans, in Hong Kong exceeded 80 billion USD, up40% from 2021, he said, adding that, Hong Kong welcomes and encourages theVietnamese Government to leverage this advantage by issuing green bonds there,thus facilitating its economic green transition process.
Moreover, Hong Kong andVietnam have embarked on an ambitious journey toward carbon neutrality fortheir respective economies by 2050. Hong Kong has a voluntary carbon credittrading platform called Core Climate, which could be traded globally in HKDand CNY. Therefore, Hong Kong welcomes increased collaboration with Vietnam inthis area, especially as the Hanoi Stock Exchange is considering the launch ofa voluntary carbon credit trading platform.
In his view, Hong Kongand Vietnam have the potential for collaboration at the government, business,and individual levels. The message from Hong Kong to the Vietnamese economy andpeople is a warm welcome to the talents and investments from Vietnam, hesaid./.
