Vietnam enjoys fruitful trade, investment ties with Hong Kong (China)

Vietnam and Hong Kong (China) have enjoyed fruitful trade and investment partnership despite impacts of the COVID-19 pandemic, according to head of the Vietnamese Trade Office in Hong Kong Vu Thi Thuy.
Containers at Hong Kong Port. (Photo: AFP/VNA)
Containers at Hong Kong Port. (Photo: AFP/VNA)

Thuy cited data from the Census and Statistics Department of Hong Kong as showing that two-way trade rose 19.3% in 2021 to 28.5 billion USD and 24.2% in the first nine months of this year to 25.2 billion USD.

Vietnam has been one of the 10 largest trade partners of Hong Kong for many consecutive years, ranking eighth in 2021 and the first nine months of 2022, and second among the ASEAN countries.

As of October, Hong Kong was the fifth largest investors of Vietnam, with 2,133 projects worth 28.9 billion USD, Thuy noted.

The official said that along with organising activities to popularise products and market of Vietnam as well as investment environment to Hong Kong businesses, the Vietnam Trade Office in Hong Kong has provided domestic firms with consultations and information on the Hong Kong market. It has also focused on connecting companies of both sides, aiming to strengthen the export of Vietnamese products to Hong Kong.

She held that Vietnamese products have great advantages in Hong Kong thanks to the ASEAN-Hong Kong (China) Free Trade Agreement which took effect from June 11, 2019.

The 7.3-million-strong Hong Kong has high demand for food, foodstuff, consumer goods. Along with close geographical distance that is convenient for the transportation of goods, Vietnam has enjoyed favourable tax policies of Hong Kong without any trade barriers, Thuy said.

However, she pointed out that Hong Kong is a choosy market, requiring Vietnamese exporters to continuously improve the quality and designs of their products, while ensuring food safety requirements.

She also advised Vietnamese exporters to further optimise trade exchange channels, especially e-commerce channel.

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(Source: VNA)