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Speech by Acting CE at Hong Kong - Vietnam Business and Investment Forum (English only) (with photos/ video)
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     ​Following is a speech by the Acting Chief Executive, Mr Rimsky Yuen, SC, at the Hong Kong - Vietnam Business and Investment Forum today (September 14):

Your Excellency Prime Minister Nguyen Xuan Phuc (Prime Minister of Vietnam), Dr Jonathan Choi (Permanent Honorary President of Chinese General Chamber of Commerce and Chairman of the Hong Kong-Vietnam Chamber of Commerce), Dr Vu Tien Loc (Chairman of the Vietnam Chamber of Commerce and Industry), distinguished guests, ladies and gentlemen,

     It is my great pleasure to be here at this Hong Kong - Vietnam Business and Investment Forum, and to have a chance to address such a distinguished audience.

     To begin with, may I extend our warmest welcome to Your Excellency, Mr Nguyen, Prime Minister of the Socialist Republic of Vietnam, on your first official visit to Hong Kong. I hope you will have an enjoyable stay in our city. Further, I would like to express our gratitude to the Chinese General Chamber of Commerce and the Vietnam Chamber of Commerce and Industry for organising this event, and for your strong support in building a closer relationship between Hong Kong and Vietnam.

     This year is a significant year for Hong Kong-Vietnam relations. Just last month, our Chief Secretary for Administration, Mrs Carrie Lam, visited Ho Chi Minh City and Hanoi. As I understand, Mrs Lam had a fruitful discussion with Your Excellency on enhancing Hong Kong-Vietnam relations.

     Indeed, the ties and bonds between the two places are abundantly visible. Over 5 500 Vietnamese nationals are residing in Hong Kong. Last year, almost 60 000 visitors from Vietnam came to Hong Kong, an increase of some 7 per cent over the previous year. Strong ties can also be seen in the context of trade and business. In 2015, Vietnam was our ninth largest trading partner in goods, with total value exceeding US$16 billion. Over the past five years, we have seen an impressive growth of, on average, 18 per cent in bilateral merchandise trade, and 14 per cent in services trade.

     In the past decade or so, Vietnam's economy has been growing among the fastest in the world. As Vietnam looks for further opportunities, Vietnamese companies can certainly turn to Hong Kong as a welcoming place for business and investment. Among others, you can count on our business-friendly environment; our low and simple tax regime; our rule of law; our effective intellectual property protection regime; and, of course, the free flow of information and capital and our free market economy.

     In addition, Hong Kong provides the unique, and if I may suggest, the best, platform for businesses entering into the Mainland market. In 2015, a total of around US$8.9 billion worth of trade between Vietnam and the Mainland, representing some 9 per cent of the total volume, was routed through Hong Kong. Under the "one country, two systems" policy, Hong Kong, as a Special Administrative Region of China, enjoys preferential access, and physical proximity, to the huge market north of the boundary. At the same time, we are an international and cosmopolitan city with a separate economic and legal system.

     Hong Kong is, therefore, well placed to contribute to Vietnam's economic development and reforms. In the first four months of this year, Hong Kong was Vietnam's sixth largest source of investment, with direct investment amounting to almost US$200 million. We can certainly bring more business and investments into Vietnam, and help Vietnamese companies tap into the promises of the Mainland and the larger Asian region. I welcome and encourage more business partnerships between our two economies.

     Looking ahead, there is every reason for Hong Kong and Vietnam to build closer ties and to take our co-operation to a new height.

     The ASEAN-Hong Kong Free Trade Agreement (FTA) under negotiation will, of course, boost business and investment co-operation between Hong Kong and Vietnam, and stimulate growth throughout the region. Over the past few years, the ASEAN bloc has become our second largest merchandise trade partner, ahead of the United States and the European Union, behind only the Mainland. Last year, among the ASEAN member states, Vietnam was our third and sixth largest partner in merchandise and services trade respectively. The eighth round of FTA negotiations ended just last month in Kuala Lumpur, and with good progress. I thank the Vietnamese Government for your support of the FTA, and look forward to seeing an expeditious and fruitful conclusion of the talks.

     The FTA will also help unleash growth potential under China's Belt and Road Initiative. This far-reaching initiative - spanning more than 60 countries on three continents - aims to strengthen co-operation on policy, economic and cultural fronts, and to foster mutually rewarding progress among countries along the Belt and Road.

     As an international financial centre and the world's largest offshore Renminbi centre, Hong Kong is well positioned to meet the growing demand for financial services along the Belt and Road, including infrastructure financing, offshore Renminbi services, asset and risk management, insurance and re-insurance services.

     The dynamics of the various infrastructure projects spanning across markets with different cultures and legal systems certainly pose challenges and call for quality professional services. In this regard, Hong Kong professionals in accounting, engineering, consulting, project management, international legal and dispute resolution and many other sectors are highly regarded for their professional integrity, competence and global outlook. Investing in large projects, resolving commercial disputes, handling negotiations, establishing business models, dealing with property rights or investment protection - Hong Kong professionals are ideal service providers to Vietnamese enterprises.

     I am very pleased that our respective chambers and companies are stepping up co-operation. In a short while, the Vietnam Chamber of Commerce and Industry, the Chinese General Chamber of Commerce, the Hong Kong-Vietnam Chamber of Commerce, together with the Hong Kong Trade Development Council, will sign a memorandum of understanding to strengthen economic and trade ties between the two places. We will also witness the signing of contracts between our companies. This is certainly a good start and I look forward to seeing many more collaboration between Hong Kong and Vietnam - not only in business, but also in culture, education, research, technology and other fronts.

     Ladies and gentlemen, may I once again thank you for your efforts in strengthening the friendship and ties between Hong Kong and Vietnam. Let us work together for our common good, and the building of a vibrant and prosperous Asia.

     Thank you.
 
Ends/Wednesday, September 14, 2016
Issued at HKT 16:20
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The Acting Chief Executive, Mr Rimsky Yuen, SC, speaks at the Hong Kong - Vietnam Business and Investment Forum today (September 14).
The Acting Chief Executive, Mr Rimsky Yuen, SC, attended the Hong Kong - Vietnam Business and Investment Forum today (September 14). Photo shows Mr Yuen (back left) and the Prime Minister of Vietnam, Mr Nguyen Xuan Phuc (back right), witnessing the signing of a memorandum of understanding on co-operation by the Permanent Honorary President of the Chinese General Chamber of Commerce, Dr Jonathan Choi (front left), and the Chairman of the Vietnam Chamber of Commerce and Industry, Dr Vu Tien Loc (front right).

Audio / Video

Acting CE attends Hong Kong-Vietnam Business and Investment Forum