HCM City an attractive destination for Hong Kong investors: forum

Vo Van Hoan, Vice Chairman of the People’s Committee of HCM City addresses the event (Photo: VNA)

Vo Van Hoan, Vice Chairman of the People’s Committee of HCM City, said that strong growth has been seen in the partnership between the city and Hong Kong across all fields, especially economy, trade, investment and tourism.

Amid the unpredictable COVID-19 situation, bilateral trade between Hong Kong anđ Vietnam still maintained a good growth momentum in 2022. Currently, Hong Kong is one of the major trading partners of Ho Chi Minh City, ranking 8th out of 117 countries and territories with direct investment in this city.

More than 300 participants attended the conference (Source: Organisers)

As of the end of 2022, Hong Kong investors run 619 direct investment projects worth 3.23 billion USD in the city, accounting for 5.79% of the total FDI the city attracted in the year, mostly in manufacturing-processing and real estate.

Hoan underlined that HCM City has enjoyed stable growth. Last year, the city’s gross regional domestic product (GRDP) expanded 9.03% year on year, making up 22% of the country's GDP and 28% of the State budget. Its per capita GRDP in 2022 reached nearly 7,000 USD, double that of the country’s average.

He said that the city is focusing on reforming administrative procedures, promoting digital transformation and improving investment environment to attract more FDI and investors, including those from Hong Kong.

An overview of the event (Source: Organisers)

With around 10 million population and the growth of the middle class, Ho Chi Minh City is a huge and potential market for businesses.

Cao Thi Phi Van, Vice Director of the Investment and Trade Promotion Centre of the city, said that the city is not only a promising investment destination but also a gateway for businesses to reach other markets in Southeast Asia.

As the city is calling for investment to many large-scale projects in various fields, including urban infrastructure, innovation and hi-tech agriculture, this is a good time and a chance for foreign investors to invest in the city, she said.

Jonathan Choi, Chairman of the Hong Kong-Vietnam Chamber of Commerce, Chairman of Sunwah Group, Chairman of the Chinese Chamber of Commerce in Hong Kong and Chairman of the Guangdong-Hong Kong-Macau Greater Bay Area Entrepreneurs’ Union, noted in his opening remarks that Sunwah Group has been operating in Vietnam since the 1970s and its Vietnam Headquarters is in Ho Chi Minh City, the most dynamic and vibrant city in Vietnam.

Dr. Jonathan Choi, Chairman of Chinese General Chamber of Commerce, Chairman of Hong Kong - Vietnam Chamber of Commerce, Chairman of GBA Entrepreneurs Union, and Chairman of Sunwah Group, speaking at the opening of the event (Source: Organisers)

“This time I am delighted to lead a business delegation of more than 60 business leaders and industry experts of different sectors from Hong Kong to Vietnam to explore partnership and collaboration. Some of the delegates have been investing in Vietnam, some have not, but they all share the same interest in exploring more investment opportunities in Vietnam. For those who have not visited Vietnam before, I am sure they are all impressed with the charm and abundant opportunities of this country,” he said.

The Hong Kong - Ho Chi Minh City Investment & Business Forum and Networking Dinner is an international forum co-organized by the Chinese General Chamber of Commerce (CGCC), the Guangdong - Hong Kong - Macao Bay Area Entrepreneurs Union (GBA Union), the Hong Kong - Vietnam Chamber of Commerce (HKVCC) and the Investment & Trade Promotion Centre of Ho Chi Minh City (ITPC).

The event aimed to strengthen the investment and cooperation ties between Hong Kong and Vietnam in general and Ho Chi Minh City in particular.

The Business Forum and Networking Dinner in Ho Chi Minh City is part of a business trip to Vietnam from January 8-14 by the Hong Kong delegation of more than 60 entrepreneurs and high-level representatives from various sectors including financial services, manufacturing, real estate, education and training, and many more.

Sunwah Group, with more than 50 years doing business in Vietnam, is the coordinator and main sponsor for the delegation’s activities in Hanoi and Ho Chi Minh City. The Investment & Trade Promotion Centre of Ho Chi Minh City (ITPC), the Young Business Association Ho Chi Minh City (YBA) and IBP Vietnam are supporting organizations for the Ho Chi Minh City activities.

Earlier, the Vietnam - Hong Kong - Greater Bay Area Partnership Business Forum and Networking Luncheon was successfully organized in Hanoi on January 10. The success of both Business Forums in Hanoi and Ho Chi Minh City with the participation of many large associations and enterprises promise to bring in more bilateral cooperation between Vietnam and Hong Kong in the post-COVID-19 era.

Representatives of the Organising Board with honored guests and speakers at the conference (Source: Organisers)

Vietnam and Hong Kong (China) have enjoyed fruitful trade and investment partnerships despite the impacts of the COVID-19 pandemic. According to the latest report of Vietnam General Statistics Office, as of October 2022, Hong Kong was the fifth largest investor in Vietnam after the Republic of Korea, Japan, Singapore, Taiwan (China) with 2,133 projects and 28.9 billion USD of total investment capital registered. The main industries that Hong Kong has invested in Vietnam include processing, manufacturing, apparel, services, real estate, hotels and restaurants, and construction./.