Ample opportunities for cooperation between Hong Kong and Vietnam

Hong Kong is seeking opportunities to cooperate with Vietnam in a wide range of fields, from finance and technology, to food and beverage (F&B) and consumer goods.

The Hong Kong Economic and Trade Office (HKETO), based in Singapore, and Invest Hong Kong, held a meeting in Ho Chi Minh City to discuss business opportunities on March 19.

Vo Tan Thanh, vice chairman of the Vietnam Chamber of Commerce and Industry, said, “Trade ties between Vietnam and Hong Kong have developed well over the years. Hong Kong is among Vietnam’s top 10 trading partners and ranks as Vietnam’s sixth-largest export market. And last year, total bilateral trade between Vietnam and Hong Kong was valued at $11.24 billion.”

“Foreign direct investment from Hong Kong hit just under $4.7 billion in 2023, making Hong Kong the third-largest foreign investor in Vietnam. Meanwhile, Vietnam is Hong Kong’s second-largest trading partner in ASEAN and its second-largest trading partner globally,” Thanh added.

Owin Fung, director of the HKETO in Singapore, said, “When Vietnamese businesses want to extend their reach to foreign markets, Hong Kong is often positioned at the top of the list of favoured destinations. Hong Kong offers a stable business environment and supports Vietnamese businesses as they expand and connect with cities in the Guangdong-Hong Kong-Macao Greater Bay Area. Furthermore, Hong Kong eased its visa policy last year to facilitate Vietnamese tourism and migrant labour.”

Alpha Lau, director-general of Invest Hong Kong, spoke about how Vietnam’s fashion, F&B, agriproducts, and consumer goods industries have strong potential for growth to do business in Hong Kong with the right partners.

“Vietnamese young people are tech-savvy, and this will be an advantage in Hong Kong’s startup ecosystem. They can raise funds from venture capital for their creative projects more easily,” Lau noted.

Vietnam Investment Review