Vietnam – Hong Kong trade expands 64.6% in six years

Hong Kong (China) is viewed as a promising market for Vietnamese exporters as bilateral trade experienced growth of 64.6%, from over US$8.28 billion in 2015 to nearly US$13.63 billion in 2021.

Last year, Vietnam’s export of agricultural and aquatic products alone advanced 3.08% to near US$310 million. Vegetables and fruits recorded the highest growth of 32.94%, followed by aquatic products (7.71%), cashew nut (7.32%), and rice (0.53%), according to the Vietnamese trade office in Hong Kong and Macau.

The office suggested that Vietnamese enterprises can enjoy various benefits when exporting to Hong Kong since it is an open market which is close to Vietnam and has no tariffs on imports. Plus, the market is a major importer of food and foodstuff and Hong Kong consumers have similar taste and behaviour as Vietnamese, providing a good chance for the Vietnamese firms, it added.

However, Hong Kong adopts high food safety standards and very strict rules on labeling, the office noted, adding that the competition is also very fierce.

Nguyen Ngoc Ha, Director of Hong Kong-based Viet Kwong Business Development Company, said exporting to Hong Kong will give firms a “green card” to enter other foreign markets, even the demanding ones.

She anticipated that as Hong Kong sets to reopen its market this August after months of closure due to COVID-19, demand for imports will be on a rise.