Hanoi (VNA) – There remain ample room and opportunities for Vietnamese enterprises to expand business and investment cooperation with partners in Hong Kong (China) which is always considered an extremely potential market for foreign firms, said insiders.
Hong Kong serves as a gateway for investment, trade, finance, and logistics connection between China and the region and the world through initiatives such as the “Belt and Road” and the “Guangdong–Hong Kong–Macau Greater Bay Area” (Greater Bay Area (GBA)). This is an important factor that will help promote economic relations between Vietnam and Hong Kong, as well as between ASEAN countries and East Asian and global economies.
According to Nguyen Van Quan, Chairman of the Institute for Economics and Trade Development (IETD)’s Management Council, Vietnam and Hong Kong have enjoyed a thriving bilateral cooperative relationship for years, with rising two-way trade.
The Ministry of Industry and Trade (MoIT)’s Asia-Africa Market Department cited statistics from the General Department of Vietnam Customs showing that Hong Kong has remained one of Vietnam's important trade and investment partners, with bilateral import-export turnover reaching 11.2 billion USD last year. Notably, Hong Kong is the 11th largest trading partner and the 6th largest importer of Vietnamese goods.
In the first half of 2024, the two-way trade totaled 6.6 billion USD, up 27% year-on-year, with Vietnam earning 6 billion USD from exports to Hong Kong, up 41.7%.
Vietnam's key export staples to this market include computers; electronic products and components; phones and components; other machinery, equipment, tools, and spare parts; cameras, camcorders and components; textiles and garments; precious stones and metals and relevant products; and aquatic products.
Owin Fung, Director of the Hong Kong Economic and Trade Office (HKETO), affirmed that Hong Kong has been a potential and reliable partner for businesses, especially Vietnamese enterprises intending to expand their operations abroad, explaining that Hong Kong not only offers a stable business environment but also helps Vietnamese businesses connect with other potential markets, including the nine cities in the GBA.
Hong Kong has also relaxed its visa policy in employing Vietnamese personnel as well as criteria for Vietnamese applying for multiple-entry visas for business and tourism purposes. This is an opportunity for Vietnamese firms to explore Hong Kong's market potential and utilise its position and advantages as an international hub.
Owin affirmed that Vietnam and Hong Kong can absolutely work together to turn the impossible into the possible, creating a springboard to elevate their cooperation to a new height.
At a meeting on investment promotion in the northern province of Nam Dinh, Harley Lei, Chairman of Kam Kiu Aluminum Group of Hong Kong, said the firm plans to build a factory producing aluminum accessories for electronic and smart devices, and automotive parts, with projected investment amounting to 100 million USD, which is scheduled to be completed in May next year.
To maximise cooperation opportunities and support the business community, experts suggested Vietnam and Hong Kong boost coordination in organising trade and investment promotion activities, introducing policies, and sharing experiences; and intensify cooperation in logistics activities in the region and the world.
The MoIT said Vietnamese businesses can access this market by actively participating in trade fairs and exhibitions in Hong Kong./.
