A double taxation pact to do away withtaxes between Vietnam and Hong Kong will further boost economiccooperation as well as increase trade between the two sides in thefuture, said a Hong Kong trade official.
The Vietnam-Hong Kong Comprehensive Double Taxation Agreement (CDTA)was signed by the ministries of finance in December last year and willcome into full effect in January 1, 2010.
At the workshop in Hanoi on August 4, Law Kin-wai, the Acting Directorof the Hong Kong Economic and Trade Office (HETO) in Singapore , saidthat the pact will help to create a stable and transparent legalenvironment for taxation.
This will help businesses to expand their operations in both Vietnam and Hong Kong , he added.
The workshop, jointly organised by the Vietnam Chamber of Commerce andIndustry (VCCI) and the HETO, was attended by representatives from 100enterprises in Hanoi from every economic sector. A similar seminar willtake place in Ho Chi Minh City on August 5.
Two-way trade between Vietnam and Hong Kong hit four billion USD in2008. In the first five months of this year, the figure hovered around1.66 billion USD, up by 19 percent compared to the same period lastyear.
Hong Kong is one of the first and biggest foreign investors in Vietnamright after the Foreign Investment Law came into full force in 1988.
By June this year, it had invested in 528 projects in Vietnam with a committed capital of over seven billion USD.
According to Director Law, Hong Kong has many advantages, including itsindependent legal system, well-established financial services and itsexcellent geographical location.
He suggested Vietnamese businesses should make the best of suchbenefits to develop trade with other markets in the region and aroundthe globe.
Since the late 1980s when Vietnam embarked on “doi moi” or renovationpolicy, and opened its economy up to the world, Hong Kong has played anactive role in bridging Vietnam ’s trade activities with foreigncountries.
Aside from trade, Vietnam and Hong Kong have established a closepartnership in other areas. Both parties have signed three othermemoranda of understanding on education, trade promotions and financeafter Prime Minister Nguyen Tan Dung visited Hong Kong this April./.
The Vietnam-Hong Kong Comprehensive Double Taxation Agreement (CDTA)was signed by the ministries of finance in December last year and willcome into full effect in January 1, 2010.
At the workshop in Hanoi on August 4, Law Kin-wai, the Acting Directorof the Hong Kong Economic and Trade Office (HETO) in Singapore , saidthat the pact will help to create a stable and transparent legalenvironment for taxation.
This will help businesses to expand their operations in both Vietnam and Hong Kong , he added.
The workshop, jointly organised by the Vietnam Chamber of Commerce andIndustry (VCCI) and the HETO, was attended by representatives from 100enterprises in Hanoi from every economic sector. A similar seminar willtake place in Ho Chi Minh City on August 5.
Two-way trade between Vietnam and Hong Kong hit four billion USD in2008. In the first five months of this year, the figure hovered around1.66 billion USD, up by 19 percent compared to the same period lastyear.
Hong Kong is one of the first and biggest foreign investors in Vietnamright after the Foreign Investment Law came into full force in 1988.
By June this year, it had invested in 528 projects in Vietnam with a committed capital of over seven billion USD.
According to Director Law, Hong Kong has many advantages, including itsindependent legal system, well-established financial services and itsexcellent geographical location.
He suggested Vietnamese businesses should make the best of suchbenefits to develop trade with other markets in the region and aroundthe globe.
Since the late 1980s when Vietnam embarked on “doi moi” or renovationpolicy, and opened its economy up to the world, Hong Kong has played anactive role in bridging Vietnam ’s trade activities with foreigncountries.
Aside from trade, Vietnam and Hong Kong have established a closepartnership in other areas. Both parties have signed three othermemoranda of understanding on education, trade promotions and financeafter Prime Minister Nguyen Tan Dung visited Hong Kong this April./.
