Sunwah Group: Foundation to Boost Vietnam - Hong Kong Trade Ties

Sunwah Group has 46 years of investment experience in Vietnam. In the context of Vietnam's growing economy, Sunwah Group has increased its investment in four out of six business areas to strengthen the solid foundation. Starting with three seafood processing plants in Ho Chi Minh City, Nha Trang City and Kien Giang Province, Sunwah Group thenceforth expanded its business from drink production to Robusta coffee export. In 2015, it exported 60,000 tonnes of coffee.

 

In 1989 when Vietnam initiated its open-door policy, Sunwah Group was among the first foreign investors to open a representative office in Ho Chi Minh City and engage in seafood processing and business. In 1997, the group embarked on the construction of “Sunwah Tower”, a 22-storey luxury office building on Nguyen Hue Boulevard in downtown Ho Chi Minh City. Especially, with the desire of building a high-rise high-class apartment, Sunwah Group invested in building Saigon Pearl, a superior residential, shopping and entertainment complex. Situated on the outskirts of District 1, Saigon Pearl comprises of eight twin apartment towers, a commercial multiplex mall, a recreational facility covering 40,000 square metres, a world-class school and spacious parking area. And most recently, Sunwah Group built Sunwah Pearl consisting of a business centre, a 30-storey office tower and three 43-storey and 45-storey residential towers, next to Saigon Pearl. In addition, the group invested in the financial sector. Sunwah was the largest founding shareholder of VinaCapital, a leading banking and fund management company in Vietnam.

 

Dr Jonathan Choi, Chairman of the Hong Kong Chinese General Chamber of Commerce and Chairman of Sunwah Group, said, “In the our 60-year history, Sunwah has been active in Vietnam for 45 years. That is why my family and I always see Vietnam as our second home.” Therefore, in addition to business, Sunwah Group is also interested in the development of culture, education and training, thus helping strengthen the friendly and cooperative relations between the two sides. Notably, over the years, Sunwah Foundation set up by Sunwah Group has continuously carried out various societal, education, arts and cultural programmes which have received the consent and active support of the Government of Vietnam, universities and Vietnamese people.

 

 

As the Chairman of Sunwah Group, Dr Jonathan Choi, who is also the Chairman of Hong Kong - Vietnam Chamber of Commerce, has spent much effort and time developing business ties between Hong Kong and Southeast Asian nations. He advocated initiating negotiations promoting Hong Kong’s participation in ASEAN Free Trade Agreement (FTA) and standing to set up the Hong Kong - Vietnam Chamber of Commerce to increase common interests of the Vietnamese and Hong Kong business communities.

 

Currently, the bilateral commercial and economic cooperation ties are growing. In the first four months of 2016, Hong Kong ranked 6th among countries and territories investing in Vietnam, and the latter was the fifth largest export market of Hong Kong. In 2015, Vietnam ranked third among ten ASEAN member states in trade turnover with Hong Kong. Moreover, the participation in the Trans-Pacific Partnership (TPP) makes Vietnam an increasingly attractive investment destination. Furthermore, if the Hong Kong - ASEAN FTA is signed soon, bilateral export turnover will increase strongly in the coming time. According to Mr Choi, as a major financial centre, Hong Kong will grant finance for infrastructure development in Vietnam and other ASEAN nations. Besides, the strength of Hong Kong in professional services, such as finance and law, will meet business expansion needs of companies in the region. Furthermore, investment incentives and low labour costs in Vietnam can attract investors from various sectors. This means that Hong Kong and Vietnam have great potential to enhance cooperation and positively contribute to the regional cooperation trend. Mr Jonathan Choi expected continued efforts to encourage and call on Hong Kong businesses to invest in Vietnam. He also suggested that the Government of Vietnam further facilitate Sunwah Group and Hong Kong companies to do long-term business in Vietnam.