Nghe An promotes cooperation with Hong Kong (China)
On August 2nd, a delegation from Nghe An province, led by Mr. Bui Dinh Long - Member of the Provincial Party Committee, Vice Chairman of the Provincial People's Committee, attended the Vietnam-Hong Kong Business Networking event in Ho Chi Minh City.
The delegation included Mr. Tran Khanh Thuc - Director of the Department of Foreign Affairs; and Mr. Ho Viet Dung - Deputy Director of the Department of Planning and Investment.
This event is Hong Kong's largest-scale activity in Vietnam in 2024, with the participation of Mr. Lee Ka-chiu, Chief Executive of the Hong Kong Special Administrative Region; representatives from the Department of External Affairs (Ministry of Foreign Affairs); Dr. Peter KN Lam, Chairman of the Hong Kong Trade Development Council; a delegation of senior officials from the Hong Kong government, along with leaders from many leading associations, businesses, and corporations from mainland China and Hong Kong.
Meetings and exchanges between the governments and business communities of both sides provide an opportunity to update information, share cooperation opportunities, attract investment, and expand business investments in the future.
The trade and investment relationship between Vietnam and Hong Kong (China) has developed well over the years. Hong Kong is currently one of Vietnam's top 10 trading partners and ranks 6th in terms of export markets. In 2023, bilateral trade reached US$11.24 billion. Also in 2023, Hong Kong's FDI into Vietnam reached US$4.68 billion, ranking 3rd among more than 100 countries and territories investing in Vietnam.
Conversely, Vietnam is also Hong Kong's (China) second-largest trading partner among ASEAN countries and its seventh-largest trading partner globally.
Nghe An currently has 21 FDI projects from Hong Kong with a total registered capital of US$1,632 million. These projects mainly focus on the following sectors: electronic component manufacturing; optical lens manufacturing; packaging and plastic product manufacturing; garment manufacturing; and food processing.
In terms of trade, in 2023, Nghe An's export turnover to Hong Kong reached over 315 million USD, mainly consisting of electronic equipment and components, textiles, garments, and footwear; import turnover from Hong Kong reached over 425 million USD, mainly consisting of electronic equipment and components, various types of steel, textile and garment raw materials, and leather and footwear materials.
On the same day, the delegation witnessed the signing ceremony of a Memorandum of Cooperation between Nghe An province and the Hong Kong Business Association in Vietnam to strengthen economic cooperation between Nghe An province and Hong Kong (China).
The Hong Kong Business Association in Vietnam is known as a reputable organization with members being successful businesses operating in Vietnam. Its objectives include facilitating and enhancing the flow of investment, business, and trade in both directions between Vietnam and Hong Kong; improving Vietnam's position within the Hong Kong business community and Hong Kong's position within the Vietnamese business community; coordinating bilateral activities led by Hong Kong representative offices and/or business organizations; supporting business matters in Hong Kong and Vietnam in accordance with the law; and facilitating the formation of strategic alliances between small and medium-sized enterprises (SMEs) in Vietnam and Hong Kong.
The signing ceremony of the Memorandum of Understanding took place amidst the positive development and significant achievements of Vietnam-China relations, marking a meaningful event in Nghe An province's vibrant foreign affairs activities in 2024.
Both sides expect and believe that the Memorandum of Understanding will open up new opportunities to promote more effective cooperation programs and projects in the future in the following areas: Supporting the building of effective direct relationships between Nghe An businesses and Hong Kong (China) businesses to promote investment, trade, and business cooperation between businesses of both sides; Coordinating the exchange of information on proposals and recommendations of Hong Kong (China) businesses with relevant agencies to create favorable conditions for the business activities of Hong Kong (China) businesses in Nghe An province; Coordinating the organization of trade promotion programs, business networking forums, and tourism promotion in Hong Kong (China) and Vietnam to support Nghe An businesses in promoting and seeking cooperation relationships with partners in Hong Kong (China). Coordinate the organization of workshops, conferences, and seminars to exchange experiences, strengthen connections, and enhance understanding between departments, agencies, and businesses in Nghe An province and businesses in Hong Kong (China); Encourage Hong Kong (China) businesses operating in the fields of tourism, high-tech agriculture, trade, education and training, industry, etc., to explore, survey, and invest in Nghe An province.