Vietnam is looking to partner with Hong Kong, which is amongst the popular trade and financial centres of the world and can aid the Vietnamese companies link up with their global counterparts.
Trade between the two countries has increased strongly in recent years, as told by Lê Mạnh Hà, Deputy Chairman, Government Office of Vietnam at a seminar held in Ho Chi Minh City of Vietnam – “Hong Kong: Your Partner in International Trade”. Last year alone, the trade between the nations stood at US $ 16.3 billion, a year-on-year increase of 16.7 per cent, where Vietnam has reportedly exported goods worth US $ 6.5 billion.
Vietnam is currently Hong Kong’s ninth largest trading partner, but there is room to increase their trade, as quoted by the Deputy Chairman. In terms of investment in Vietnam, Hong Kong ranks fourth, followed closely by South Korea, Japan and Singapore.
It may be mentioned here that Hong Kong Trade Development Council (HKTDC) organised more than 30 international trade fairs (including textile, apparel and fabric shows) last year, with a modest participation from Vietnamese firms. Speaking to a leading daily, Phạm Xuân Hồng, Chairman – HCM City Textile, Garment, Knitting and Embroidery Association, said a delegation of garment and textile firms would also visit an upcoming garment and textile fair in Hong Kong, to market their products and connect with foreign businesses, which will in turn help increase their trade .
Furthermore, HKTDC’s Executive Director, Margaret Fong mentioned that ASEAN (Association of Southeast Asian Nations) and Hong Kong are negotiating for a Free Trade Agreement (FTA), expected to be concluded by the end of this year. The deal seems promising to further boost trade and investment between the two countries.