|
Seminar eyes double taxation treaty
A seminar on the double taxation avoidance agreement between Viet Nam and Hong Kong will be held today in Ha Noi. Viet Nam News spoke to Law Kinwai, acting director of the Hong Kong Economic and Trade Office in Singapore, about the event.
What is the aim of the seminar?
Hong Kong and Viet Nam have been enjoying a very good relationship. It is our goal to enhance stronger bilateral economic ties and continued friendship. A recent noteworthy development is that both sides signed a Comprehensive Double Taxation Agreement (CDTA) during our financial secretary’s visit to Ha Noi last December.
While both sides are finalising ratification of the treaty, this seminar aims to provide the Vietnamese business community with timely information on key provisions and major benefits of the CDTA.
How will investors from Viet Nam and Hong Kong benefit from the agreement?
With its extensive scope and coverage, we believe that the CDTA can benefit the majority of companies doing business in Viet Nam and Hong Kong. We also hope that the relevant sectors here in Viet Nam can gear up to seize these benefits once the CDTA takes effect to further develop and extend their business operations in the region.
For many years, Hong Kong businessmen have already established a foothold in Viet Nam in manufacturing and other areas. The Government will continue to provide appropriate support and the CDTA is a major initiative on this front.
What do you think Viet Nam can do to improve its investment environment to attract more foreign investors?
As one of the fastest growing economies, Viet Nam has been attracting lots of foreign investment since it adopted more open policies. We understand that the Vietnamese Government has implemented many initiatives to foster an environment conducive to economic growth. Perhaps the authorities could take more proactive measures to better disseminate relevant information to a broader audience so as to foster further investment.
What advantages does Hong Kong offer to Vietnamese investors?
Hong Kong’s advantages include our independent legal system and well-established financial services, a robust regime of intellectual property protection, free flow of information, and our well-placed geographical location. We have a long history of international business connections.
Another vantage point is our proximity to and our close relationship with mainland China. With the Closer Economic Partnership Arrangement (CEPA), a free trade agreement between Hong Kong and the mainland, we are the ideal gateway to the vast mainland market and an excellent platform for business to grow regionally and internationally.
Is it difficult for Hong Kong partners to expand their business into mainland China?
Our administration makes all efforts to furnish a favourable environment for business development. Through this seminar, we plan to take the opportunity to provide more information about business opportunities and the strategic advantages offered by Hong Kong, as well as how Vietnamese enterprises can make use of Hong Kong to expand into mainland China and other international markets.
How is the global economic crisis affecting business in Hong Kong?
In the face of the economic downturn, Hong Kong has put in place a number of measures to help stabilise our financial system, ease the credit crunch for our enterprises and save jobs. At the same time, we believe that with a crisis always come opportunities. Looking forward, the global economic downturn has put us at a juncture to re-visit our development strategy for sustainable growth. In this regard, we have identified six knowledge-based industries in which Hong Kong enjoys advantages for further development. These areas are testing and certification; medical services; innovation and technology; cultural and creative industries; environmental industries; and educational services.
vietnamnews
|
