The ASEAN-Hong Kong Free Trade Agreement is expected to help Vietnam attract more Hong Kong investors, Photo: Le Toan On June 11, the ASEAN-Hong Kong Free Trade Agreement (AHKFTA), signed by Hong Kong and 10 Southeast Asian countries, officially came into force for Vietnam, Laos, Thailand, Myanmar, and Singapore. Under the agreement, the economies will reap benefits from reducing goods tariffs, opening a free flow of services, and widening investments within and across borders. Similar to other nations’ commitments of cutting tariffs, Vietnam will eliminate customs duties on about 75 per cent of tariff lines within 10 years and reduce customs duties of about another 10 per cent of tariff lines within 14 years. “The AHKFTA is another peg in securing the trade liberalisation tent and it is a big win for the ASEAN, and particularly Vietnam,” said Pham Hong Hai, CEO of HSBC Vietnam. “With no end to the trade tensions, Hong Kong businesses are looking for wider … [Read more...] about Hong Kong spurs investment
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Vietjet Air launches Phu Quoc-Hong Kong route
This is also Vietjet’s second route to Hong Kong from Vietnam following its Ho Chi Minh City-Hong Kong route. The Phu Quoc-Hong Kong route will operate return flights with a frequency of four flights per week, starting from April 19, 2019. With a flight time of 2 hours and 45 minutes per leg, the flight departs Phu Quoc at 10:50 in the morning and lands in Hong Kong at 14:35. The return flight departs from Hong Kong at 15:40 and arrives in Phu Quoc at 17:25 (all local times). The new route’s tickets are now available via website www.vietjetair.com. The launch of Phu Quoc-Hong Kong route has made Vietjet the first airline to operate the direct services between the two destinations. Hong Kong is known as one of the world’s leading centers of finance and commerce, and as a hub for numerous major corporations with headquarters in the Asia-Pacific region. With a blend of Western and Eastern cultures, a vast variety of cuisines, and a developed … [Read more...] about Vietjet Air launches Phu Quoc-Hong Kong route
Hong Kong FTA to boost investment
Hong Kong FTA to boost investment, photo: shutterstock Paul Chan, financial secretary of the government of the Hong Kong Special Administrative Region (HKSAR), said, “Hong Kong and the 10 member states of the ASEAN – including Vietnam – signed a free trade agreement (AHKFTA) and a related investment agreement last November. The agreements, taking effect in January, will undoubtedly boost trade and investment ties between Hong Kong, Vietnam, and the other nations of the region.” Hong Kong and Vietnam enjoy good and long-standing economic relations and the ties have only grown stronger. In 2017, Vietnam was Hong Kong’s 10th largest trading partner, while Hong Kong was Vietnam’s ninth largest trading partner. Bilateral trade in goods reached $18.1 billion during the year, making Vietnam Hong Kong’s fourth largest trading partner among the ASEAN economies. According to the Hong Kong Trade Development Council (HKTDC), the AHKFTA will bring about … [Read more...] about Hong Kong FTA to boost investment
Mega promotion to spotlight Hong Kong’s professional services, branded products
Following its successful runs in Jakarta, Bangkok and Kuala Lumpur, this year’s campaign aims to showcase the city’s branded, design-led products and world-class professional services, and how Vietnamese companies could leverage Hong Kong’s advantages to expand globally. “In Style - Hong Kong” in Ho Chi Minh City will include a full-day symposium on business services, a two-day trade expo and a high-level gala dinner, as well as a wide array of shopping and dining promotions in the city. Symposium on Hong Kong’s World-class Professional Services The main symposium will be held on 20 September at GEM Center, highlighting Hong Kong’s advantages in various services sectors, particularly cross-border logistics and creative branding and design. Vincent HS Lo, Chairman of HKTDC; Paul Chan, Financial Secretary of the Government of the Hong Kong Special Administrative Region (HKSAR); and a high-level local official will officiate in the opening … [Read more...] about Mega promotion to spotlight Hong Kong’s professional services, branded products
Hong Kong FTA set to boost FDI in Vietnam
A greater wave of investment from Hong Kong is expected to flow into Vietnam following the recently signed ASEAN-Hong Kong Free Trade Agreement, which will come into force in January 2019. Vietnam is expected to gain the most from the AHKFTA, Photo: Le Toan Edward Yau, secretary for Commerce and Economic Development of the Hong Kong Special Administrative Region Government, told VIR that among ASEAN countries, Vietnam is expected to gain the most from the ASEAN-Hong Kong Free Trade Agreement (AHKFTA), as the country is Hong Kong’s fourth-largest trading partner within ASEAN. Yau led a high-level Hong Kong business delegation which came to Vietnam last week to explore opportunities for more trade and investment in Vietnam. According to Yau, there are many attractive infrastructure developments in Vietnam, including railway, port, highway, and city construction. These projects require professional services, including funding, business consultancy, architecture, and … [Read more...] about Hong Kong FTA set to boost FDI in Vietnam