VN firms told to learn from Hong Kong

Friday, Aug 24, 2018 08:52

Many branded and designer-led lifestyle products from Hong Kong companies will be showcased at the fourth edition of the In Style Hong Kong trade promotion event to be held in HCM City on September 20-21. — Photo Thanh Nguyen

Vietnamese companies can learn from their Hong Kong counterparts about doing business on an international level at the “In Style Hong Kong” trade promotion next month and leverage that knowledge to expand globally, a media briefing on the event heard in HCM City on Thursday.

Organised by the Hong Kong Trade Development Council (HKTDC), the fourth edition of Hong Kong’s biggest overseas trade promotion will be held in HCM City on September 20 and 21.

It is the first time the event will be held in Viet Nam after earlier events in Indonesia, Thailand and Malaysia.

According to Peter Wong, HKTDC regional director of Southeast Asia and South Asia, Hong Kong has many advantages such as being named the freest market in the world for 24 consecutive years by Washington DC-based think-tank Heritage Foundation, an international financial hub and located close to four key Asian markets.

It is very easy to set up new businesses there and the tax system is simple without VAT and sales taxes, he said.

Hong Kong has vast knowledge and experience of doing business in mainland China and other international markets, and can play the role of trade facilitator and offer the platforms for Vietnamese businesses to enter global markets.

The two-day trade promotion will feature a wide range of activities including a full-day symposium on business services with a focus on cross-border logistics and creative branding and design.

Tina Phan, Indochina director of HKTDC, said the symposium is expected to attract around 1,000 Vietnamese businesses.

Besides, there will be an expo showcasing a wide array of branded and designer-led lifestyle products from Hong Kong companies, who will be hoping to tap into new business opportunities in Viet Nam and nearby countries.

Stability is key

According to HKTDC, Viet Nam is Hong Kong’s largest export market among ASEAN member countries and sixth largest export market globally, with exports to the country amounting to US$10.2 billion last year.

Viet Nam is Hong Kong’s 10th largest trading partner.

Wong said trade between Hong Kong and Viet Nam is increasing and would expand further in future with the newly-signed Hong Kong-ASEAN Free Trade Agreement.

It takes effect on January 1 next year, allowing both economies to enjoy freer trade in goods, services and investments.

Wong told Viet Nam News that Viet Nam has a good record when it comes to stability compared to some of its neighbours and that is a great advantage in attracting foreign investors.

The stability and commitment of a government are most important for investors, he said.

“If [two] countries have the same opportunity, of course people will go to a more stable and more committed country because the risk will be lower.”

But at the same time the Vietnamese Government should do more to convince investors their rights and interests would be protected, he added. — VNS

Comments (0)