Vietnam looks to expand cooperation with Hong Kong

The Vietnamese Consulate General in Hong Kong (China) will give priority to promoting investment and tourism ties between Vietnam and the region after the COVID-19 pandemic is put under control, with the aim of fully tapping cooperation potential between the two sides in the time to come, a Vietnamese diplomat has said.

Vietnamese Consul General to Hong Kong Pham Binh Dam mentioned the work in an interview granted to the Vietnam News Agency’s correspondent in Hong Kong on the occasion of the 76th founding anniversary of the diplomatic sector.

The diplomat stressed that there is great potential for localities and enterprises of Vietnam and Kong Kong to expand cooperation and exchange after the COVID-19 is under control, saying that the cooperative ties between the two sides is still not commensurate with potential.

Hong Kong is the fifth largest foreign investor in Vietnam, after the Republic of Korea, Japan, Singapore, and Taiwan (China) with over 2,000 projects worth nearly 26.9 billion USD, but the figures are modest considering the fact that Hong Kong is a leading international financial centre, according to Dam.

He said many Hong Kong businesses have plans to move their factories in China to Vietnam in the future, hence the priority given to investment promotion.

The second priority is tourism promotion as Hong Kong is also an important tourist market with high spending capacity, Dam said, noting that Vietnam is a favourite destination for Hong Kong people.

Hong Kong is also an international trade hub. In the first six months of 2021, the total import-export turnover between Vietnam and Hong Kong reached 13.3 billion USD, up 25.2 percent year-on-year. Vietnam is the 7th largest trading partner of Hong Kong.

Statistics of Hong Kong show that Vietnam is enjoying a trade surplus with the region in the period.  

Vietnamese startups enterprises also have huge opportunities to develop in the Hong Kong market, he said.

According to the diplomat, the Consulate General will also pay attention to increase education cooperation between the two sides.