Vietnamese products have become more visible in the Hong Kong (China) market thanks to strong trade ties between the two sides, said Vu Thi Thuy, head of the Vietnamese Trade Office in Hong Kong.
Thuy cited statistics from the General Department of Vietnam Customs showing that two-way trade between Viet Nam and Hong Kong rose 18 per cent year on year to US$13.6 billion in 2021, with Viet Nam's exports valued at $12 billion, up 15 per cent.
The Hong Kong market accounted for 3.6 per cent of Viet Nam’s total export revenue, she noted.
In terms of investment, Thuy said that as of December 20, 2021, Hong Kong was the fifth largest investor in Viet Nam with 2,041 projects worth $27.83 billion, focusing on processing-manufacturing, garment and textile, service, real estate and construction sectors.
In 2021, 126 new Hong Kong-invested projects were licensed in Viet Nam with total capital of nearly $1.7 billion, she noted.
Thuy said that despite COVID-19, trade between the two sides remained stable and Viet Nam continued to enjoy a trade surplus in the market. Viet Nam has affirmed its position and production capacity in the global production and supply chains with tighter links with those in Hong Kong.
At the same time, Viet Nam has been among the top 10 biggest trade partners of Hong Kong for many years. In 2021, Viet Nam rose to seventh position, and the second among ASEAN countries.
The ASEAN-Hong Kong free trade agreement, which took effect from 2019, has also contributed to promoting two-way trade which has increased over 10 per cent each year, Thuy said, adding that more and more Vietnamese products have been sold in Hong Kong.
Vietnamese garments, footwear, pork and seafood have become popular among Hong Kong consumers, she said.
According to Thuy, the Regional Comprehensive Economic Partnership (RCEP) has had positive impacts on the Viet Nam-Hong Kong trade and investment cooperation. RCEP, the biggest trade pact in the world, brings together 10 ASEAN member states, along with China, Japan, the Republic of Korea, Australia and New Zealand, covering 30 per cent of the global gross domestic product (GDP) worth $26.2 trillion. In June 2021, Hong Kong filed a request to join the deal.
Thuy said that in the future, the Vietnamese Consulate General and the Vietnamese Trade Office in Hong Kong plan to implement many activities to promote Vietnamese products in Hong Kong as well as in the region and the world, while helping attract more Hong Kong investors to Viet Nam. — VNS