Vietnam, Hong Kong hold great potentials for economic cooperation hinh anh 1Vietnam’s exports include garments-textiles, electronic products, farm produce, food and handicrafts. (Source: VNA)

HCM City (VNA) – Vietnam and Hong Kong (China) boast a lot of potentials to promote economic cooperation, especially to raise bilateral trade, heard a press conference in Ho Chi Minh City on November 17.

Benjamin Chau, Deputy Executive Director of the Hong Kong Trade Development Council (HKTDC), said at the press conference to announce the outcomes of trade cooperation between Vietnam and Hong Kong that the two sides have many advantages that supplement each other in the field of commerce.

Vietnam’s exports include garments-textiles, electronic products, farm produce, food and handicrafts. Meanwhile, Hong Kong has been known as one of the busiest trade centres in Asia and the world as well, he said.

Benjamin Chau added that Hong Kong has been selected by many of the world’s big traders and distributors to establish headquarters or representative offices, aiming to seek customers through large-scale exhibitions and fairs.

Therefore, Hong Kong would be an ideal venue for Vietnamese enterprises to promote its products, establish trade ties and set up goods supply chains, he said.

Tina Phan, Director of Indochina at HKTDC, said the Trade Promotion Agency under the Vietnamese Ministry of Industry and Trade and HKTDC signed a memorandum of understanding on trade promotion that serves as a foundation for the two sides to step up the exchange of market information, organise trade programmes and improve commercial negotiation capacity for their businesses.

The ASEAN-Hong Kong Free Trade Agreement, which was signed on November 12, 2017 and is expected to take effect in early 2019, will give an impulse to enhance trade, investment and service activities between ASEAN member countries and Hong Kong in general and between Vietnam and Hong Kong in particular, she said.

Vietnam is Hong Kong’s third largest trade partner and biggest export market in ASEAN. In the first nine months of this year, two-way trade exceeded 13 billion USD, up 12 percent year-on-year. Of the number, Vietnam’s export value to Hong Kong was 5.7 billion USD and Hong Kong’s export revenues to Vietnam reached 7.4 billion USD.-VNA