H. Kong eager to transform Vietnam’s HCM City into financial hub

Hong Kong is eager to work with Vietnams to develop Ho Chi Minh City (HCM City) into a regional financial hub, as stated by Chief Executive John Lee Ka-chiu.

During a luncheon with the business community in HCM City, Lee emphasised Hong Kong’s strategic location in the Greater Bay Area and its ties to the Belt and Road Initiative, offering substantial economic growth opportunities.

Lee highlighted that Hong Kong’s expertise as a prominent financial hub could significantly support HCM City’s aspirations.

With a stock market worth $4 trillion, Hong Kong presents vast collaboration opportunities in stock market development.

He also underscored the potential for co-operation in trade, investment, tourism, and technology across different sectors.

Bonnie Chan, CEO of the Hong Kong Stock Exchange (HKEX), noted a growing investor interest in Vietnam, especially as a favoured destination for Chinese companies looking to expand their portfolios.

Phan Văn Mãi, chairman of HCM City People’s Committee, reiterated the city’s ambition to establish itself as a regional financial hub, emphasising the significant growth potential and opportunities for cooperation between the two cities.

In the Global Financial Centers Index, Hong Kong holds the fourth position, while HCM City has climbed 12 spots since 2023 and currently ranks 108th.

During Lee’s visit to Vietnam from July 31 to August 2, 30 memoranda of understanding were signed in sectors such as finance, trade, and investment.

Hong Kong is Vietnam’s seventh-largest trading partner and fifth-largest foreign direct investor, with bilateral trade reaching $6.6 billion in the first half of 2024.

The Hong Kong delegation, consisting of over 30 senior officials and business executives from different industries, demonstrates the city’s recognition of Vietnam as a regional partner, according to Lee.

Attribution: Vietnam News