Hong Kong: A gateway for Vietnamese businesses to access the Greater Bay Area market

Delegates shared insights at the forum

The above results were highlighted by Tran Thi Hai Yen, Director of the Southern Investment Promotion Center under the Foreign Investment Agency (Ministry of Planning and Investment), at the Ho Chi Minh City and Guangdong-Hong Kong-Macau Greater Bay Area investment and trade forum held in Ho Chi Minh City on December 17.

According to Yen, bilateral trade between Vietnam and China has developed very positively. The total bilateral import-export turnover in 2023 exceeded US$170 billion, with China remaining Vietnam's largest trading partner and top import market. Meanwhile, Vietnam is China's largest trading partner within ASEAN and ranks fourth globally among countries.

In terms of investment, China currently has over 5,000 active projects in Vietnam with a total investment of over US$30 billion, ranking sixth among 147 investment partners in the country.

The most notable highlight is the significant improvement in the quality of Chinese investments in Vietnam. Previously, Chinese investments primarily focused on manufacturing and processing industries such as textiles and footwear. Now, investments have shifted toward high-tech sectors, electricity, and electronics. Many globally scaled Chinese companies have begun investing in Vietnam in industries like electricity, electronics, manufacturing, infrastructure, renewable energy, electric vehicles, and other sectors.

Speaking at the forum, Vice Chairman of the Ho Chi Minh City People's Committee, Vo Van Hoan, shared that to promote bilateral trade relations between Hong Kong, China, and Ho Chi Minh City, the Ho Chi Minh City and Guangdong-Hong Kong-Macau Greater Bay area investment and trade forum was held on December 17, 2024, in Ho Chi Minh City. At the forum, businesses from both sides connected, exchanged ideas, and expanded cooperation in potential areas such as investment, finance, green economy, science and technology, import-export, e-commerce, manufacturing, logistics, agriculture, and food products.

Dr. Jonathan Choi, Chairman of the Chinese Chamber of Commerce in Hong Kong, Chairman of the Guangdong-Hong Kong-Macau Greater Bay Area Entrepreneurs Association, Chairman of the Hong Kong-Vietnam Chamber of Commerce, and Chairman of the Sunwah Group, shared insights on the occasion. He noted that Sunwah Group has been operating in Vietnam since the 1970s and currently has its headquarters in Ho Chi Minh City.

“This time, I am leading a delegation of 60 business leaders and experts from various fields in the Greater Bay Area to Vietnam to explore the business and investment environment and seek opportunities for cooperation. Some members of the delegation have already invested in Vietnam, while others are looking for opportunities here. I firmly believe that they will all be impressed by the allure and the countless business and investment opportunities in this beautiful S-shaped country,” stated Dr. Jonathan Choi.

Delegates shared information at the forum

Representing the Hong Kong (China) government, Ms. Chan Kit-ling, Commissioner for the Development of the Guangdong-Hong Kong-Macau Greater Bay Area under the Constitutional and Mainland Affairs Bureau, highlighted Hong Kong's strengths as one of the key cities in the Greater Bay Area. She also discussed the significant policies Hong Kong is implementing to promote economic, trade, tourism, financial cooperation, and talent attraction between Hong Kong and Southeast Asia, especially Vietnam.

In 2023 alone, Hong Kong (China) rose to become the third-largest foreign investor in Vietnam, with total registered investment capital of US$4.68 billion, trailing only Singapore and Japan.

This trend continued in the first seven months of 2024, with Hong Kong becoming Vietnam's second-largest source of FDI, with over US$2.19 billion. Another significant milestone was Hong Kong's official opening of skilled labor visas for Vietnamese workers on October 25, 2023, along with relaxed restrictions on granting tourist visas to Vietnamese citizens. This breakthrough not only marked a transformative moment but also ushered in a new phase in the relationship between Vietnam and Hong Kong.

At this Forum, there were more than 15 business matching sessions, featuring direct exchanges between enterprises from the Greater Bay Area and Vietnamese businesses, focusing on sectors such as industrial infrastructure development, financial services, and commercial production.

With the insights shared during the Forum, Vice Chairman of the Ho Chi Minh City People’s Committee, Vo Van Hoan, stated that this event offerred an opportunity for businesses from both sides to exchange information, explore market expansion, and seek partnerships. Ho Chi Minh City is committed to creating favorable conditions for Chinese enterprises to invest and operate in Vietnam.

The Ho Chi Minh City - Guangdong-Hong Kong-Macau Greater Bay Area Investment and Trade Forum is part of a delegation’s visit to Vietnam from December 16 to December 20, 2024. The delegation comprises over 60 entrepreneurs and senior representatives from various sectors, including financial services, manufacturing, real estate, and technology.