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FS' speech at Signing Ceremony of the Comprehensive
Agreement for Avoidance of Double Taxation between the HKSAR and
Vietnam (English only)(with photo)
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Following is the speech by the Financial Secretary, Mr John C Tsang,
at the Signing Ceremony of the Comprehensive Agreement for Avoidance
of Double Taxation between the HKSAR and Vietnam in Hanoi today
(December 16):
Your Excellency (Mr Do Hoang Anh Tuan,
Vice-Minister of Finance), Distinguished Guests, Ladies and Gentlemen,
Good morning.
I am delighted to be here today on
this special occasion to sign the Comprehensive Agreement for the
Avoidance of Double Taxation between Hong Kong and Vietnam.
I wish to thank the Government and
the people of Vietnam for the warm welcome extended to the Hong
Kong delegation and for the excellent arrangements you have kindly
made for this event.
Today's signing ceremony is significant
because it serves to elevate our bilateral relationship to a new
level. It also strengthens the spirit of our bilateral partnership,
our enhanced co-operation and greater integration in our region.
Vietnam's economy has been transformed
since the launch of "Doi Moi" in 1986. Following the introduction
of these reforms, the Hong Kong business community has been among
the first to invest in the dynamic economy of Vietnam.
The Vietnam Consulate-General in
Hong Kong was opened in 1994, and Vietnam also has a well-established
trade representative office in our city. As for Hong Kong, our Trade
Development Council has operated a full-fledged office in Ho Chi
Minh City since 1997.
Last year, our bilateral trade was
worth more than US$3 billion. And in the first nine months of this
year, there was a 25% increase in trade between us compared with
the same period last year.
The signing of this Avoidance of
Double Taxation Agreement, further deepens our bilateral relations
and will serve the mutual interests of both sides.
The DTA represents tax savings and a higher degree of certainty
on taxation rights for investors from both Vietnam and Hong Kong
when they engage in bilateral trade and investment activities. It
also fosters economic co-operation and it protects both our governments'
revenue base.
I am confident that this DTA will encourage a greater flow of investment,
technology, talents and expertise between us, and that will certainly
help strengthen both our economies for many years to come.
I am grateful for the hard work and
dedication of everyone involved in finalising this agreement efficiently
and smoothly, reaching a consensus on all articles after three rounds
of talks.
After today's signing, we will complete
the legal procedures to bring the arrangement into force and update
our business community on the details.
I look forward to even stronger bilateral
economic ties between our economies, and to the continued friendship
between the people of Vietnam and Hong Kong.
Thank you.
Ends/Tuesday, December 16, 2008
Issued at HKT 12:14
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