Vietnam seeks to expand co-operation with Hong Kong

Pham Binh Dam, Vietnamese Consul General to Hong Kong, made the statement during a recent media interview in Hong Kong to mark the occasion of the 76th founding anniversary of the diplomatic sector.

There exists huge potential for localities and enterprises from both sides to expand co-operation and exchange activities once  the COVID-19 is brought under control, he said, adding that cooperative ties are still not fulfilling their  potential.

Hong Kong represents the fifth largest foreign investor in the Vietnamese market, after the Republic of Korea, Japan, Singapore, and Taiwan (China), with more than 2,000 projects worth nearly US$26.9 billion. However, these figures can be considered modest due to the fact that Hong Kong is a leading international financial centre, according to Dam.

He noted that many firms from Hong Kong have plans to move their factories based in China to Vietnam in the future, therefore making investment promotion a priority.

The second priority will be tourism promotion as Hong Kong represents an important tourist market with a high-spending capacity, Dam said, with the nation being a favourite destination for Hong Kong people.

Hong Kong also represents a significant international trade hub. In the first six months of the year the total import-export turnover between both sides hit US$13.3 billion, an annual rise of 25.2%. Indeed, the country makes up the seventh largest trading partner of Hong Kong.

Statistics also indicate that Vietnam enjoyed a trade surplus with the region during the reviewed period.  

Vietnamese startup enterprises also have huge opportunities to develop in the Hong Kong  market, he said.
According to the diplomat, the Consulate General will also pay close attention to increasing education co-operation between the two sides.