Vietnam enjoys fruitful trade and investment relations with Hong Kong | Company

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Containers at the port of Hong Kong (Photo: AFP/VNA)

Hong Kong (VNA) – Vietnam and Hong Kong (China) have enjoyed a fruitful trade and investment partnership despite the impacts of the COVID-19 pandemic, according to the head of the Vietnamese Trade Office in Hong Kong Saw Thi Thuy.

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

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

In October, Hong Kong was Vietnam’s fifth-largest investor, with 2,133 projects worth $28.9 billion, Thuy noted.

The official said that in addition to organizing activities to popularize Vietnam’s products and market as well as the investment environment for Hong Kong businesses, the Vietnam Trade Office in Hong Kong has provided businesses with national consultations and information on the hong kong market. He also focused on connecting businesses from both sides, aiming to boost 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 entered into force on June 11, 2019.

Hong Kong, which has a population of 7.3 million, has a strong demand for food, groceries and consumer goods. Besides the close geographical distance that is suitable for transporting goods, Vietnam has benefited from Hong Kong’s favorable tax policies without any trade barriers, Thuy said.

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

She also advised Vietnamese exporters to further optimize trade channels, especially the e-commerce channel./.

ANV

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