Vietnam remains attractive destination for Hong Kong businesses

VOV.VN - Several Hong Kong (China) businesses, as well as those from the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), remain keen on investing in the Vietnamese market following China’s reopening, according to industry insiders.

This comes following a delegation of more than 70 entrepreneurs and businesses from Hong Kong (China) and the GBA recently arriving in the nation to seek further investment and economic co-operation opportunities.

Pham Binh Dam, consul general of Vietnam in Hong Kong, revealed that Hong Kong enterprises boast strong financial potential and have been conducting business for a long time in the Vietnamese market, thereby making them to become one of the nation’s major trading partner and investors.

According to details given by the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, Vietnam is currently Hong Kong (China)’s eighth largest trading partner. As of November, 2022, Vietnamese exports to this market reached US$10 billion, while imports hit US$1.78 billion, up 19.8%.

At present, Hong Kong (China) ranks fifth among foreign investors in the Vietnamese market, with 2,164 projects capitalised at approximately US$29.5 billion, thereby focusing on the processing and manufacturing and real estate sectors.

At a recent workshop held to discuss measures to promote business ties between Vietnam and the GBA, Dr. Jonathan Choi, chairman of the Chinese General Chamber of Commerce (CGCC), pointed out that as one of the fastest growing countries in the region, especially in the post-COVID period, Vietnam remains an attractive destination for Chinese firms, especially those from Hong Kong (China) and the GBA.

Dr. Choi went on to note that the cultural and geographical proximity also facilitates co-operation between Vietnam, Hong Kong (China), and the GBA region in many fields, especially trade, investment, and tourism.

There will therefore be ample room ahead to boost bilateral ties, especially in advantageous fields of Hong Kong (China), including green finance, innovation, farm produce, pharmaceuticals, the green economy, and the environment, he said.

He emphasised that in a rapidly changing world, young workforce and strong digital economy will be the future trend, adding that digital technology will also become potential fields for both sides to promote co-operation in the near future.

Furthermore, Do Nhat Hoang, director of the FIA, said the Vietnamese Government has been making every effort to fulfill its commitments at the 26th UN Climate Change Conference of the Parties (COP26) of achieving a zero-carbon economy by 2050.

The Hong Kong Special Administrative Region has been implementing a strategy aimed at expanding investment co-operation to the Asian market, with a focus on ASEAN member states, said Algernon Yau, secretary for Commerce and Economic Development. Yau went on to affirm that Hong Kong (China) will strive to create the optimal conditions for their businesses to invest in the Vietnamese market, while simultaneously facilitating Vietnamese businesses’ investment in their market.

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