09:39 | 07/05/2018 Economy
(VEN) - With its core advantages in financial and professional services, and playing a crucial part in further boosting the Belt and Road Initiative, Hong Kong (China) is keen to promote trade and investment cooperation with countries in the region, including Vietnam. In particular, the ASEAN-Hong Kong Free Trade Agreement, which is expected to take effect in early 2019, will give an impulse to enhance trade, investment and service activities between ASEAN member countries and Hong Kong (China) in general, and Vietnam and Hong Kong (China) in particular.
Opening up opportunities
Cooperation between Vietnam and Hong Kong (China) has achieved positive results in recent years. In 2017, two-way trade turnover reached about US$18 billion. Ho Chi Minh City accounted for US$3.5 billion.
Hong Kong (China) currently has 452 investment projects with total registered capital of US$2.4 billion, ranking seventh among the 96 countries and territories investing in Ho Chi Minh City.
During a recent visit to Ho Chi Minh City, Hong Kong (China) companies expressed their willingness to cooperate and invest in the city, promoting the trade of goods between the two sides in areas such as finance and banking, infrastructure, legal issues and arbitration. Margaret Fong, executive director of the Hong Kong Trade Development Council (HKTDC), said trade exchanges between Vietnam and Hong Kong (China) have been steadily increasing in recent years. Once the ASEAN-Hong Kong Free Trade Agreement takes effect, it will give an impetus to enhance trade, investment and service activities between ASEAN member countries and Hong Kong (China) in general, and Vietnam and Hong Kong (China) in particular, she said.
During the visit, leading Hong Kong (China) experts in the fields of logistics and e-commerce shared experiences contributing to enhancing mutual understanding in order to expand the market for Vietnamese products and services in Hong Kong (China).
Margaret Fong said Vietnam is in the process of infrastructure development, which is one of Hong Kong’s (China) major strengths. In addition, Vietnam is encouraging investment in services and specialized technologies for finance, biology, law, accounting, business consulting, and health care. These fields could all be of great interest to Hong Kong (China) investors in Vietnam, she said.
The agreement is also expected to benefit Vietnamese businesses, providing them with greater opportunities to invest in warehousing and transport in Hong Kong (China) as the country is a hub for international shipping, not only by air but also by sea.