Vietnamese businesses in Hong Kong
From Wikipedia, the free encyclopedia
Vietnamese businesses in Hong Kong are mainly run by Vietnamese, Chinese-Vietnamese and Overseas-Vietnamese coming to Hong Kong in different periods of time.
From 1977 to 1985, hundreds of thousands of Vietnamese people left Vietnam by wooden boats to other countries including Hong Kong to seek refuge in an escape of the persecution or forced re-education camp in Vietnam. Among the people leaving Vietnam, around half of them, being white-collar worker, represented a wide range of backgrounds which included urban and rural residents, and Chinese-Vietnamese.[1] Starting from 1985 onwards, Chinese-Vietnamese, Amerasian and other rural and less-educated Vietnamese were released from re-education camps.
Business environment
With the joint policy statement signed by the Securities & Futures Commission and the Hong Kong Exchanges and Clearing Ltd. on 7 March 2007, Professor KC Chan, Secretary for Financial Services & the Treasury of the HKSAR, encouraged Vietnamese enterprises to invest in Hong Kong in a conference held in Vietnam on 22 November 2007.[2][3]
Entry policy
Vietnamese people and citizens of some other countries, like Afghanistan and Nepal etc., who want to stay longer than the allowed free visa period to run a business in Hong Kong, are excluded under the General Employment Policy of the Immigration Guidelines of the Immigration Department.[4]
On March 17, 2010, in response to a question concerning the immigration policy on Vietnamese people by Chan Kam-lam, a member of the Legislative Council of Hong Kong, Ambrose Lee Siu-kwong, the Secretary for Security of the HKSAR, once replied that such policy, as applied to the Vietnamese, was subject to the overall assessment of the country and the citizens, potential risks associated with the nationals and the overall security of Hong Kong for instance.[5]
Taxation
On 16 December 2008, the Hong Kong / Vietnam Comprehensive Double Taxation Agreement (CDTA) was signed by John Tsang Chun-wah, the Financial Secretary of the HKSAR, and Do Hoang Anh Tuan, Vice-Minister of Finance of Vietnam, in Hanoi.[citation needed]
Spokesman for the Hong Kong Government said such agreement would bring tax savings for both Vietnam and Hong Kong investors if they involve in bilateral trade and investment businesses.
Following the CDTA, the Order, which was made by the Chief Executive Council to implement the Avoidance of Double Taxation Agreement with Vietnam, was gazetted in Hong Kong on 30 April 2009. The order was then taken to be tabled in the Legislative Council of Hong Kong on 6 May 2009.[6]