Hong Kong (VNA) – Hong Kong (China) is stepping up its role as a vital financial conduit between Vietnam and China, leveraging its global financial hub status to deepen cross-border cooperation, said Robert Lee, a financial expert and Legislative Council member of Hong Kong.
Speaking to the Vietnam News Agency (VNA), Lee highlighted Hong Kong’s ambition to expand cooperation with partners worldwide, including Vietnam, as the city undergoes sweeping financial reforms. These efforts have significantly revitalised capital markets, particularly the stock exchange.
Lee pointed to Hong Kong’s unique advantages, including a low tax regime and an investor-friendly regulatory environment, as key factors behind the city’s continued ability to attract global capital. He stressed that Hong Kong serves as a critical two-way gateway: a launchpad for international investors looking to tap into the vast Chinese market, and a springboard for Chinese enterprises seeking to go global.
Looking ahead, Lee said Hong Kong aims to enhance its role as a connector across all sectors.
For Vietnam, the expert expressed optimism about the country’s economic trajectory, describing it as a promising destination for growth and investment. Vietnam’s strong economic momentum and welcoming business environment have drawn increasing interest from Hong Kong-based firms, Lee said.
In the financial sector in particular, several Chinese securities firms have already established partnerships in Vietnam, contributing to the development of its stock market and financial services industry. To build on this momentum, Lee advocated for more exchanges and delegation visits, saying Hong Kong welcomes Vietnamese delegations to explore cooperation opportunities.
Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, previously told VNA that the two sides share strong potential for cooperation in finance and professional services. He expressed hope for closer economic ties between Vietnam and Hong Kong in the coming years.
As of the end of 2023, more than 100 ASEAN-based companies were listed on the Hong Kong Stock Exchange, including two from Vietnam. Hui said Hong Kong is keen to see more Vietnamese firms issue yuan-denominated bonds, including green bonds, and pursue listings on its exchange.
During his 2024 visit to Ho Chi Minh City, Hong Kong Chief Executive John Lee, also expressed his desire to deepen cooperation in areas of mutual interest such as financial centre development, innovation, tourism, trade, and investment.
Hong Kong now ranks as Vietnam’s seventh largest trading partner and fifth biggest source of foreign direct investment (FDI). Meanwhile, Vietnam is Hong Kong’s second largest trading partner in ASEAN and seventh globally. Bilateral trade reached a remarkable 32.3 billion USD in the first 10 months of 2024, an increase of nearly 32% year-on-year./.
