VIENTIANE: A meeting between a delegation from Laos’ Ministry of Finance and representatives from financial institutions in Hong Kong, including Invest Hong Kong, discussed topics such as investment promotion, green finance, gold market development and customs modernisation, with the aim of enhancing financial links and aligning with international standards.
The Lao delegation, led by Finance Minister Santiphab Phomvihane, met with representatives of Invest Hong Kong in the Hong Kong Special Administrative Region (HKSAR) of China on March 9.
The meeting enabled the two sides to share their experiences in promoting domestic and foreign investment, as well as implementing customs and taxation policies and fee obligations for both small and large-scale investment companies.
Discussions also covered green finance policies, including carbon credits and green bonds, along with other financial mechanisms aimed at supporting sustainable investment.
Participants also explored opportunities to develop the Lao gold market in line with international standards, including through international gold trading policies, settlement procedures, and secure storage facilities.
Officials noted that Invest Hong Kong is an important government agency that deals with both domestic and international investors while implementing policies that maximise economic benefits for the Hong Kong government.
Hong Kong is a leading international financial and investment centre and a gateway to global markets, attracting strong interest from major international corporations in the finance sector and global gold markets.
The visit is expected to help Laos expand cooperation and attract investment in areas such as finance, the gold industry, green finance, green bonds, and carbon credit markets.
On the morning of March 10, Santiphab and his delegation continued their programme by attending meetings with representatives of the Bank of China (Hong Kong) and JPMorgan Chase.
Discussions centred on financial transactions, gold trading, credit and bond services, and the use of gold as collateral in bond issuance. Participants also exchanged views on global economic trends that influence finance services and precious metal transactions.
Later the same day, a Lao delegation led by the Director General of the Customs Department Phoukhaokham Vannavongxay, together with senior officials from the Tax Department, the Finance Information Technology Department and the Investment Promotion and Management Committee Office, met with staff from the HKSAR Customs and Excise Department.
The Lao delegation was welcomed by Chan Tsz Tat, Commissioner of Customs and Excise, who shared Hong Kong’s experiences in customs administration and regulatory enforcement.
The meeting discussed the management of goods and duty-free shops in the HKSAR, as well as revenue earned from controlled imports.
Hong Kong officials said the government collects revenue through taxes paid on fuel, chemicals, alcohol, and tobacco products.
Hong Kong customs officials also shared experiences from their “Smart Customs” initiative which came into effect in 2019 and integrates modern technology and innovative tools to enhance customs operations and border management.
During the meeting, the Hong Kong delegation invited the Lao Customs Department and relevant agencies to attend the upcoming Smart Customs Conference for the Asia-Pacific and Africa regions, aimed at modernising customs procedures and strengthening international ties. - Vientiane Times/ANN
