Financial Secretary John Tsang of the Hong Kong Special Administrative Region made this statement at a seminar promoting Hong Kong’s business environment in Hanoi on December 16.

He emphasised the fact that Hong Kong businesspeople have great confidence in doing business in Vietnam and pledged to continue creating favourable conditions for businesses from both sides to increase their links.

The secretary referred to the signing of an agreement on double taxation avoidance between the finance ministries of Vietnam and Hong Kong earlier in the day as an example this cooperation.
He suggested that Vietnamese businesspeople capitalise on Hong Kong ’s advantages to maximize their efforts in broadening their business in other markets in the region and beyond.

Addressing the seminar, Vice Chairman of the Vietnam Chamber of Industry and Commerce (VCCI) Doan Duy Khuong spoke at length on Vietnam ’s geographical features and dynamic economy, marking them as the nation’s advantages, making it an ideal gateway to other ASEAN markets.

During the seminar, Vietnamese businesspeople were introduced to Hong Kong ’s financial market and its banking system, as well as its existing legal regulations, administrative procedures and business opportunities.

The seminar, jointly organised by the Hong Kong Trade Development Council and the VCCI, is one of the activities laid on during a visit to Vietnam by 20 Hong Kong businesses wishing to explore the Vietnamese market.

The five-day trip, which began on Dec. 13, will see the launch of a direct Hanoi-Hong Kong flight service by Dragonair on Dec. 17.

Last year, two-way trade between Vietnam and Hong Kong reached 2.5 billion USD, and it has already hit 3 billion USD during the past ten months of this year alone.

Vietnam imports primarily electronic components, machinery and chemicals from Hong Kong and exports seafood, fruit and vegetables, rubber, timber and textiles and garments to the territory.

Hong Kong currently ranks 14 th out of 44 countries and territories that invest in Vietnam , with 42 projects with total investment of 325 million USD being implemented in the country during the past 11 months.