Vietnam-Hong Kong partnership to focus on five key areas

The ninth Belt and Road Summit was held in Hong Kong from September 11-12. It was co-organised by the Hong Kong Special Administrative Region (HKSAR) government and the Hong Kong Trade Development Council (HKTDC), and attracted nearly 6,000 delegates, including top government officials and business leaders from 70 countries and markets.

The summit focused on expanding trade and investment, promoting green and inclusive growth, enhancing infrastructure connectivity, and fostering financial and technological cooperation.

DPM Binh led the Vietnamese delegation at the invitation of Hong Kong's Chief Executive John Lee.

In his keynote speech, Binh highlighted the Belt and Road Initiative's role in boosting global connectivity and South-South cooperation. He stressed that future collaboration must ensure sustainable and inclusive economic growth, an open global economy, and a commitment to international law.

"Vietnam remains a strong proponent of multilateralism and international law, and we support initiatives like the Belt and Road to foster global connectivity and shared prosperity," he said.

Leaders at the summit emphasised the need for stronger coordination between governments and the business sector to encourage the development of a new generation of business leaders who are not only commercially astute but also socially responsible. Networking sessions and exhibitions showcased investment opportunities, economic achievements, and specific projects across participating countries. Several agreements and partnerships were signed during the event, reflecting its role as a catalyst for deeper international cooperation.

In his opening remarks, Lee underscored Hong Kong’s position as a 'super connector' between China and the global economy. He expressed the territory's ambition to strengthen cooperation in areas such as finance, technology, and green development. "Our vision is to build a multi-faceted, globally connected, and sustainable economy," Lee stated, highlighting Hong Kong's strategic role in the Belt and Road Initiative.

Meanwhile, DPM Binh outlined five key areas where Vietnam and Hong Kong could further strengthen cooperation.

First, he proposed deepening financial collaboration, particularly in securities, digital banking, and the development of regional financial centres.

Second, he advocated for facilitating trade, expanding regional economic corridors, and improving logistics.

Third, he called for high-quality investment in cutting-edge technologies such as biotech, AI, renewable energy, and smart cities.

Fourth, he stressed the importance of infrastructure development, including enhancing rail and border connectivity between Vietnam and China. Finally, Binh urged for greater cultural and business exchanges to foster stronger bilateral ties.

In his speech, Binh also highlighted Vietnam’s economic achievements, focusing on the country’s efforts to restructure its economy, transition to a digital and green economy, and pursue key reforms in infrastructure and human capital development.

"We welcome the continued partnership of the business community in Vietnam’s journey towards sustainable growth, and the government will always stand alongside businesses to support their success," he declared.

Previously, during his visit to Vietnam from July 31–August 2, Lee highlighted Hong Kong’s ambition to strengthen cooperation with Vietnam, a rapidly growing economy in Asia.

He emphasised that the territory's expertise as a global financial centre could support Ho Chi Minh City’s ambitions to become a regional financial hub.

"Vietnam's booming economy presents significant opportunities for foreign companies, and Hong Kong can serve as an ideal gateway to global and mainland Chinese investors," said Lee.

"We are committed to sharing our financial expertise, which can help develop Vietnam’s financial infrastructure," said Bonnie Y Chan, CEO of Hong Kong Exchanges and Clearing Limited noted, adding that collaboration among regional exchanges can draw in more global investors to Southeast Asia.

The Belt and Road Summit, first held in 2016, has become a significant annual platform for fostering public-private dialogue and promoting trade and investment among Belt and Road Initiative participants. The summit continues to play a critical role in advancing global economic cooperation and strengthening international partnerships.

Hong Kong is exploring opportunities to strengthen bilateral ties across various industries, particularly focusing on the financial market. Bonnie Y Chan, CEO of Hong Kong Exchanges and Clearing (HKEX), talked to VIR's Luu Huong about how Hong Kong can share its expertise in developing financial centres and facilitate overseas listings of Vietnamese and other Southeast Asian companies.

The upcoming Belt and Road Summit in Hong Kong will highlight the territory's role in fostering economic cooperation with ASEAN by leveraging its strengths in finance, innovation, and green development.

Hong Kong and Vietnamese businesses are increasingly deepening collaboration to unlock new investment opportunities across various fields.