The Vietnam Chamber of Commerce and Industry (VCCI) said Hong Kong (China) was the sixth largest foreign investor in Vietnam and the fifth largest export market of the Southeast Asian nation in the first quarter of 2016. The bilateral trade turnover has increased strongly in recent years and topped US$16.3 billion in 2015, up 16.7 per cent over 2014. Of the sum, Hong Kong earned US$9.8 billion from exports to Vietnam and spent US$6.5 billion on imports from Vietnam. In addition, Hong Kong is an important economic trade hub of Vietnam, since it acts as a bridge for Vietnam to reach the broader world. For its part, Vietnam is a leading export market of Hong Kong in ASEAN.
Dr Doan Duy Khuong, Vice President of VCCI, said Hong Kong is a leading financial, logistics and business centre of the world and the Asia - Pacific region. Not only being a super international trade and investment market, Hong Kong is a major recipient of worldwide investors. World-class corporations all open branches and offices in Hong Kong. This shows that Hong Kong has a very important position for Vietnamese enterprises, especially in accessing the Chinese market and other potential markets.
Currently, Hong Kong-based companies are very much interested in commercial fishing and seafood processing, coffee processing, information technology, garment and textile, fertiliser, real estate and financial services in Vietnam. Meanwhile, Vietnamese fresh vegetables and fruits, rice, cashew nut, handicrafts and agricultural products have huge advantages in penetrating the Hong Kong market. Especially, when Vietnam joins the Trans-Pacific Partnership (TPP) and other free trade agreements (FTAs) with other countries, Vietnam will become a more attractive investment destination. Furthermore, the Hong Kong - ASEAN Free Trade Agreement, expected to be signed soon, will bring more opportunities for bilateral cooperation and trade exchange.
To capture new opportunities, VCCI signed a cooperation agreement with the Hong Kong - Vietnam Chamber of Commerce (HKVCC) in November 2014 and the China General Chamber of Commerce (CGCC) in December 2015 in order to help businesses of both sides to strengthen information exchange, survey markets in Hong Kong and Vietnam, understand customers, seek partnership opportunities, introduce products, and promote economic and commercial cooperation between Vietnam and Hong Kong.
However, the arrival of Hong Kong, Macau and Chinese companies is posing difficulties to Vietnamese companies because of growing competition. Hence, he suggested that, facing difficulties and challenges during integration process, Vietnamese companies need to perfect the structure and apparatus, seek reliable and capable partners with stable and professional market share and sales networks. Furthermore, business leaders must have deep knowledge of the market, understand laws and have business governance. And above all, Vietnamese companies should focus on improving product quality and enhancing product design and packaging according to consumer tastes in order to raise product value.
As a bridge connecting Vietnamese and Hong Kong businesses, VCCI will actively provide legal consultancy, market forecasts, information on policy environment and cooperation opportunities for enterprises.
It also organises conferences and seminars to help businesses to meet and cooperate with foreign partners. VCCI will coordinate with ministries, domestic and international universities and research institutes to organise training courses on professional skills in marketing, sales, payment, law, tax and risk prevention for enterprises; organise dialogues between the government and businesses to timely adjust policies and remove difficulties in support of enterprises.
Thanh Tam
Vietnamese
