Vietnam enjoys fruitful trade, investment ties with Hong Kong
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.
Hong Kong (VNA) – 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 ThiThuy.
Thuy cited data from the Census and Statistics Department ofHong Kong as showing that two-way trade rose 19.3% in 2021 to 28.5 billion USD and24.2% in the first nine months of this year to 25.2 billion USD.
Vietnam has been one of the 10 largest trade partners ofHong Kong for many consecutive years, ranking eighth in 2021 and the first ninemonths of 2022, and second among the ASEAN countries.
As of October, Hong Kong was the fifth largest investors ofVietnam, with 2,133 projects worth 28.9 billion USD, Thuy noted.
The official said that along with organising activities to populariseproducts and market of Vietnam as well as investment environment to Hong Kongbusinesses, the Vietnam Trade Office in Hong Kong has provided domestic firmswith consultations and information on the Hong Kong market. It has also focusedon connecting companies of both sides, aiming to strengthen the export ofVietnamese products to Hong Kong.
She held that Vietnamese products have great advantages inHong Kong thanks to the ASEAN-Hong Kong (China) Free Trade Agreement whichtook 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 isconvenient for the transportation of goods, Vietnam has enjoyed favourable tax policiesof 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 designsof their products, while ensuring food safety requirements.
She also advised Vietnamese exporters to further optimise trade exchangechannels, especially e-commerce channel./.
Hong Kong (China) is viewed as a promising market for Vietnamese exporters as bilateral trade experienced growth of 64.6 percent, from over 8.28 billion USD in 2015 to nearly 13.63 billion USD in 2021.
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