According to Ms. Carrie Lam, Vietnam is Hong Kong’s third largest trading partner in ASEAN while Hong Kong is Vietnam’s 10th largest trading partner.
In 2015, the bilateral trade between the island and Vietnam achieved 16.3 billion USD, a year-on-year increase of 16.7 percent with Vietnam’s exports accounting for 6.5 billion USD. Vietnam currently is Hong Kong’s ninth largest trading partner but it is considered that the room to increase trade is large.
The major export commodities of Vietnam to Hong Kong are electronic and telecom’s equipment and parts; garments and textiles; footwear; seafood; rice; timber and timber products; and electrical cables.
Ms. Carrie Lam encouraged more Vietnamese firms to use Hong Kong as a gateway to enter the Chinese market and other regional and global markets. Thanks to its rule of law, business-friendly environment and connectivity with the globe as well as the mainland, it is a preferred location for global businesses, Ms. Carrie Lam added.
Hong Kong is well-known for its modern logistics systems which link different parts of the world, including “free-duty ports” which allows zero percent import/export tax for goods handled through the port, with exceptions for wine, cigarettes, oil and alcohol. Hong Kong also has developed aviation facilities which are connected with locations around the world.
Geographically, Hong Kong is in the center of Asia, connecting China with ASEAN countries, and is a hub where multi-national companies, especially firms specializing in electronics and fashion goods, store their goods imported from other ASEAN countries (such as Vietnam and Bangladesh) before forwarding them around the world.
Ms. Carrie Lam said the conclusion of free trade agreement talks between ASEAN and Hong Kong, scheduled this year, would promote economic and trade ties, including with Vietnam. The role of Hong Kong in connecting business between the ASEAN Economic Community and mainland China is expected to enhanced significantly under the Hong Kong – ASEAN Free Trade Agreement.
At the meeting, Ms. Carrie Lam also expressed her desire to improve the cooperate between Hong Kong and Vietnam. Mr. Jonathan Choi, permanent honorary president of the Chinese General Chamber of Commerce in Hong Kong, and chairman of the Hong Kong-based Sunwah Group, spoke that this time is perfect for Hong Kong and Vietnam to work closer together to make strategic contributions in regional collaboration.
As a major international financial centre, Hong Kong is an ideal place to provide adequate infrastructure financing for Vietnam and other ASEAN markets, he said, adding Vietnam’s investment incentives can attract foreign investments across a wide range of sectors.
Both Hong Kong and Vietnam can act as a bridge and facilitator for companies from Vietnam, Hong Kong and mainland China in attracting investments as well as grasping the huge opportunities in the region, Mr. Jonathan Choi said.
The meeting was organised by the Chinese General Chamber of Commerce in Hong Kong (CGCC) and the Hong Kong Economic and Trade Office in Singapore. The meeting attracted over 300 participants, including CGCC committee members, government officials, and business leaders from ASEAN, mainland China and Hong Kong. This annual event aims to explore further opportunities and future development between Hong Kong and ASEAN.
According to Margaret Fong, executive director of the Hong Kong Trade Development Council, entering the Hong Kong market was not difficult at all, but the important thing was for Vietnam’s enterprises to understand their customers. She also adviced Vietnam’s enterprises to focus on food and specialities of Vietnam because Hong Kong imports 20 billion USD worth of food every year.
