Vietnam-China’s Hong Kong: Opening new directions for cooperation between 'A Rising Star' and ' A Super-Connected Hub'
WVR - In an interview with the World and Vietnam Report, Vietnamese Consul General in Hong Kong and Macau (China), Le Duc Hanh, assessed that the visit to Vietnam by Chief Executive of the Hong Kong Special Administrative Region John Lee Ka-chiu, reflects a synergy of vision, goals, and actions between the two sides.
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| Vietnam-China’s Hong Kong: Opening new directions for cooperation between 'A Rising Star' and ' A Super-Connected Hub': Vietnamese Consul General in Hong Kong and Macau (China), Le Duc Hanh and |
Regarding the key activities during the recent visit to Vietnam by Hong Kong's Chief Executive John Lee Ka-chiu, the Consul General briefed that from July 31 to August 2, in Hanoi and Ho Chi Minh City, Hong Kong's Chief Executive led a delegation of senior officials and nearly 30 major enterprises from the Special Administrative Region. These enterprises represented various sectors such as finance, trade, innovation and technology, aviation, logistics, and real estate.
In Hanoi, President To Lam received the delegation led by Chief Executive John Lee Ka-chiu. Deputy Prime Minister Tran Luu Quang and Chief Executive John Lee Ka-chiu held talks and co-chaired a business forum.
In Ho Chi Minh City, Deputy Secretary of the Municipal Party Committee Nguyen Ho Hai received the Chief Executive. Chairman of the City People's Committee Phan Van Mai welcomed the delegation and co-chaired a business forum with John Lee Ka-chiu.
Eight cooperation agreements were signed in Hanoi, and 22 were signed in Ho Chi Minh City. This set a new record for the number of cooperation agreements signed during a visit by the Chief Executive of the Hong Kong Special Administrative Region to a country. These agreements cover a wide range of areas, including economic and trade cooperation, education and training, people-to-people exchanges between associations, tourism promotion, and customs cooperation.
In all discussions and meetings, both sides expressed sincere desires and strong determination to strengthen exchanges between Administrative delegations, facilitate the exchange of experts, businesses, culture, arts, and tourism.
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| President To Lam (right) meets with Chief Executive of the Hong Kong Special Administrative Region John Lee Ka-chiu on August 1, 2024. (Photo: VNA) |
Both sides reflected on the longstanding and robust connections between them, which are both enduring and dynamic, adapting to a continuously changing world and opening up new opportunities for cooperation between Vietnam and Hong Kong. The visit not only marked an important milestone in the relationship between the two sides but also reaffirmed the alignment in vision, goals, and actions between the two sides.
With regards to expectations for the developments following this visit, especially in the key areas prioritized by both sides, Consul General Hanh stressed that this is not only the first official visit to Vietnam by John Lee Ka-chiu as Chief Executive, but it is also the first time a Chief Executive of the Hong Kong Special Administrative Region has made an official visit to Vietnam.
As Deputy Prime Minister Tran Luu Quang mentioned during his talks with John Lee Ka-chiu, Vietnam and Hong Kong have long been trusted partners. According to 2023 statistics from the Hong Kong Census and Statistics Department, the total trade exchange between Vietnam and Hong Kong reached USD 31.3 billion.
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| Deputy Prime Minister Tran Luu Quang and Chief Executive of the Hong Kong Special Administrative Region John Lee Ka-chiu. (Photo: VNA) |
Vietnam is Hong Kong's second-largest trading partner within ASEAN (after Singapore) and the seventh-largest globally. Vietnam ranks as the eighth-largest export market to Hong Kong, with an export value of USD 17.1 billion, and the fifth-largest import market from Hong Kong, with an import value of USD 14.2 billion.
As of December 2023, Hong Kong is the fifth-largest foreign direct investor (FDI) in Vietnam, with cumulative investments totaling USD 34.1 billion. In 2023 alone, Hong Kong's investment in Vietnam ranked third.
The two economies have established particularly strong connections in sectors such as manufacturing, processing, real estate, and the export of agricultural and seafood products from Vietnam to Hong Kong. However, there remains significant potential for further growth, especially considering Hong Kong's strengths under the "one country, two systems" framework, positioning itself as a "bridge" between Mainland China and the world, and aspiring to develop into a "super-connected hub." On the other hand, Vietnam, described by Chief Executive John Lee Ka-chiu as a "rising star" during his speech in Ho Chi Minh City, has impressive growth rates, a stable political foundation, and a strong desire to connect more closely with international markets, with the goal of becoming a high-income country by 2045.
According to Consul General Hanh, the visit has deepened the relationship between the two sides and opened up new avenues for cooperation, specifically as follows:
First, both sides agreed to support each other in participating in and contributing actively to international economic forums. Hong Kong supports Vietnam's bid to host APEC 2027, while Vietnam welcomes Hong Kong's expressed intention to negotiate its accession to the RCEP.
Second, the two sides signed memorandums of understanding on financial cooperation and on the establishment of an international financial center in Ho Chi Minh City. During the visit, there were substantive discussions and exchanges between experts and officials from both sides to concretize the roadmap and directions for implementing this agreement.
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| Vietnam-China’s Hong Kong: Opening new directions for cooperation between 'A Rising Star' and ' A Super-Connected Hub': Chairman of the municipal People’s Committee Phan Van Mai (R) and Chief Executive of the Hong Kong Special Administrative Region John Lee Ka-chiu. (Photo: VNA) |
Third, both sides emphasized continuing to promote cooperation in education and startup support, particularly in talent development and vocational training, leveraging Hong Kong's strengths with its many world-class universities and talent-supporting policies of the Hong Kong Administration. Both sides also agreed to strongly promote cooperation in science and technology and services. Vietnam highly values Hong Kong's world-class experts in various fields, while Hong Kong humbly emphasized the importance of "mutual learning."
Fourth, both sides reached very positive common understandings regarding the cultural and historical closeness between them and agreed to enhance the exchange of delegations and further facilitate two-way tourism and people-to-people exchanges.
During the visit, Chief Executive of the Hong Kong Special Administrative Region John Lee Ka-chiu also extended a cordial invitation to the Vietnamese Government leaders to attend and speak at the Belt and Road Summit, scheduled for September 2024 in Hong Kong.
It can be said that the outcomes of this visit not only meet the expectations of the people and businesses on both sides but also demonstrate the forward-looking vision of the leaders of both sides. This reflects the importance placed on the comprehensive strategic partnership between Vietnam and China in general, and the cooperative relationship between Vietnam and Hong Kong in particular.
One of the highlights of this visit is the promotion of cooperative relations between the localities of the Hong Kong Special Administrative Region, particularly the strengthening of ties with Ho Chi Minh City, as the city is oriented towards establishing itself as a regional and international financial center. Consul General Hanh gave more details on this cooperation, including the goals and expectations for positive developments following the visit.
As John Lee Ka-chiu mentioned during his meeting with Ho Chi Minh City's Chairman Phan Van Mai, Hong Kong is confident that Ho Chi Minh City's vision of becoming an international financial center will be realized, especially after the delegation spent over a day in the city and experienced its determination and dynamism firsthand, she noted.
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| Deputy Prime Minister Tran Luu Quang and Chief Executive of the Hong Kong Special Administrative Region (China) John Lee Ka-chiu co-chaired the Vietnam-Hong Kong business forum in Hanoi on August 1, 2024. (Photo: VNA) |
Following the visit by the Chief Executive of the Hong Kong Special Administrative Region, Vietnam has gained a clearer understanding of Hong Kong's aspirations to become a "super-connected hub," with strengths such as a team of internationally recognized experts with regional knowledge, an understanding of financial and investment regulations, and strong capabilities for international connections and ties with Mainland China.
The cooperation agreements between the two sides are based on a very practical assessment of their strengths and the areas where they can support and complement each other, as well as the long-standing economic, cultural, and people-to-people relations between the two localities. Therefore, the cooperation in building an international financial center in Ho Chi Minh City is feasible and will yield substantial results, she expressed her belief.
During the discussions and meetings, there were very specific proposals, such as Hong Kong inviting Vietnamese enterprises to participate in IPOs on the Hong Kong stock market.
However, both sides also clearly understand that an international financial center is not just about the stock market; it also encompasses aspects such as bonds, investments, insurance, and more. Moreover, constructing the physical infrastructure for an international financial center is the simplest part compared to the enormous task of building the legal framework and, more importantly, developing a team of internationally qualified experts in finance, banking, investment, insurance, law, dispute resolution, and the capacity for connectivity in these areas, including data connectivity.
The Consul General emphasized that in the coming time, to gradually implement the Memorandum of Understanding on establishing an international financial center in Ho Chi Minh City, the two localities will need to exchange a lot of information and send delegations to work directly at various levels.
In fulfilling the responsibilities of Vietnam’s representative mission in Hong Kong, the Consulate General of Vietnam in Hong Kong will also need to make every effort to facilitate exchanges at all levels—from government and local authorities to businesses and the public—not only to implement the Memorandum of Understanding but also to continue contributing to the development of Vietnam-Hong Kong relations, in line with the theme of the meeting in Ho Chi Minh City: "Super-Connecting New Pathways to Success.”, she affirmed.
