Vietnam and Hong Kong seek to build stronger ties

Talking about the recent economic, trade, and investment co-operation between Vietnam and Hong Kong in a recent media interview, Vietnamese Consul General in Hong Kong and Macau Le Duc Hanh said that the co-operative relations are growing steadily and have recorded many remarkable achievements.

According to details provided by the Hong Kong Census and Statistics Department, last year’s total trade turnover between the two countries reached US$31.3 billion, with Vietnam being Hong Kong’s second largest trading partner in ASEAN behind Singapore, as well as the seventh largest globally.

Among the Hong Kong side's major trading partners worldwide, Vietnam is the eighth largest export market with a turnover of US$17.1 billion, as well as being the fifth largest import market from Hong Kong with a turnover of US$14.2 billion.

In terms of investment ties, 2023 alone has seen the Chinese city rise to become the third largest foreign investor in the Vietnamese market, with a total registered investment capital of US$4.68 billion, accounting for 12.8% of the total investment capital in the nation, second only to Singapore and Japan.

This trend continued in the first seven months of the year when Hong Kong became the second largest FDI investor in the country with more than US$2.19 billion, accounting for 12.2% of the total investment capital, more than double from the same period last year.

Most notably, exchange visits between the two sides were actively conducted as a means of boosting linkages in many important areas, including economics, trade, transportation, logistics, financial services, and justice.

Another important step forward is that Hong Kong officially opened visas for skilled workers from the country from October 25, 2023, as well as moved to loosen restrictions on granting tourist visas to Vietnamese citizens.

This not only represents a breakthrough, but also opens up a new stage in the relationship between both sides. This policy has created many job opportunities for skilled Vietnamese workers, while offering conditions for the future expansion of work visas in other industries, including unskilled labour.

In terms of future prospects of more collaboration, Hong Kong is poised to develop into a leading international centre in eight areas, including finance, transportation and logistics, trade, legal affairs, arts and culture, innovation and technology, intellectual property, and aviation.

In this context, both sides can continue to promote the expansion of co-operation in a more comprehensive and effective manner moving forward.

In terms of the financial sector, Hong Kong can support Vietnamese enterprises in accessing capital and advanced financial services, whilst sharing its own experience with Ho Chi Minh City in building a regional financial centre. In terms of logistics, the two sides can take advantage of Hong Kong's position as an international transportation hub to optimize supply chains and enhance connectivity between Vietnam and international markets.

In the field of trade, Hong Kong can play a role as a bridge between the nation and the Chinese and international markets through the “Belt and Road” initiative and the Greater Bay Area (GBA).

Co-operation in technology and innovation, policies to attract talent and support intellectual property registration, as well as support for startups, will all open up a wealth of opportunities for Vietnamese startups to gain access to the startup ecosystem in Hong Kong.

Furthermore, the two sides can also bolster ties in other areas such as education and training, tourism and services, fashion industry, food, beverage, agricultural products, and consumer goods.

In particular, with the new work visa policy, co-operation opportunities in the labour sector have been expanded to meet Hong Kong's human resource needs across many sectors.

With advantages from its optimal geographical location, legal system, simple tax policies, and quick business establishment procedures, Hong Kong continues to represent an attractive destination for Vietnamese businesses keen on expanding their operations to the international market.

The Vietnam-Hong Kong co-operation relationship promises to develop even more strongly in the coming time, bringing with it practical benefits to both sides.

Commenting on the purpose of Chief Executive Lee’s visit to the nation, Consul General Hanh said that the trip is of great significance.

Indeed, it marks his first visit to Vietnam since taking office, opening a new chapter in Vietnam-Hong Kong relations. The delegation includes many authorities, officials from associations and large corporations, demonstrating Hong Kong’s recognition of the importance to its relations with Vietnam.

The visit aims to achieve many important goals. One is to boost bilateral economic and trade co-operation, especially when Vietnam is Hong Kong's seventh largest trading partner. The other is to explore investment opportunities in the Vietnamese market and to introduce Hong Kong as a gateway for Vietnamese enterprises to gain access to both the Chinese and international markets.

Moreover, the two sides will discuss enhancing connectivity in potential areas such as finance, technology, innovation, cultural exchange, education, and sign many important co-operation agreements in a multitude of fields.

During the visit, Lee is expected to hold important meetings with Vietnamese leaders. He will also meet with Ho Chi Minh City leaders in order to discuss co-operation opportunities, especially the southern metropolis’ orientation to build a regional financial centre.

Also within the framework of the visit, the two sides will work together to organise a business forum and connect firms from both sides with the participation of Hong Kong and municipal officials and a large number of enterprises. It is hoped that this will create further opportunities for enterprises to seek potential partners and expand co-operation opportunities.

Besides, the visit is projected to open up many new collaboration opportunities as a way of helping the bilateral relationship develop even more strongly moving forward, in line with both sides’ potential.

Sharing plans to bolster joint co-operation in the coming time, Consul General Hanh said that the role of the Consulate General of Vietnam in Hong Kong and Macau will be to focus on further boosting bilateral links across a multitude of fields.

The two sides will focus on promoting co-operation in the fields of trade, tourism, investment, education, labor, culture, arts, people-to-people exchange, and collaboration between localities.

Consul General Hanh believes that these co-operation priorities will contribute to propelling the bilateral relationship forward between the two sides in a more comprehensive and effective fashion in the coming time.

In addition, there are high hopes that the country can make the most of Hong Kong's position as a multi-sector international centre to further spur Vietnamese development moving forward.