Vietnamese businesses participate in a trade fair in Hong Kong in October. Bilateral trade between Việt Nam and Hong Kong is growing at a rate of over 10 per cent per year. — VNS Photo Bồ Xuân Hiệp

HCM CITY — There remains vast potential for cooperation between Việt Nam and Hong Kong (China) in various fields such as trade, investment, services, finance, and logistics, experts said.

Speaking at the Việt Nam-Hong Kong Business & Investment Matching in HCM City on Monday, Nguyễn Văn Quân, chairman of the Institute for Economics and Trade Development's (IETD) Board of Management, said bilateral trade between Việt Nam and Hong Kong was increasing at a rate of over 10 per cent per year.

Việt Nam exported goods worth US$10 billion to Hong Kong last year and imported commodities worth $1.78 billion from Hong Kong, up 19.8 per cent year-on-year.

Hong Kong is currently Việt Nam’s fifth largest foreign investor, with 2,164 projects with a total investment of nearly $29.5 billion, mostly in the processing and manufacturing industry, real estate, and electricity, gas and water production and distribution.

According to Quân, Hong Kong is a regional transit centre and a trade and tourism hub, making it a significant market for Vietnamese food and providing ample opportunities for investment for Việt Nam. 

Bùi Đăng Dũng, former deputy chairman of the National Assembly’s Finance-Budget Committee, said Hong Kong’s strength as a financial and banking centre in the region could facilitate connections between Việt Nam and the region, as well as with major European and North American countries, particularly in science-technology, innovation, investment cooperation, finance, trade, and logistics.

Edmond Yue, a member of the Young Executives Club of the Hong Kong General Committee of Commerce (HKGCC), said Hong Kong investors found Việt Nam an attractive and vibrant market in the region thanks to its political stability, wide market, and abundant human resources.

Tourists cross an intersection in Hong Kong's downtown area. With a recent relaxation of visa policies for Vietnamese nationals by Hong Kong, a new era of bilateral partnership is on the horizon. — VNS Photo Bồ Xuân Hiệp

In a related development, the recent relaxation of visa policies for Vietnamese nationals by Hong Kong is expected to open up a new period of bilateral partnership.

Previously, Vietnamese citizens were only eligible for single-entry visas, enforcing a maximum stay of seven days for tourism or business activities. 

Under the new visa policy, Vietnamese nationals can now apply for multiple-entry visas valid for two years or more.

Vietnamese Consul General in Hong Kong Phạm Bình Đàm said the new visa policy would create employment opportunities for Vietnamese labourers and businesses.

"Both economies stand to benefit from increased cooperation and closer ties, complementing each other’s strengths," he said.

The event was jointly organised by the Institute for Economics and Trade Development, the Young Executives Club of the Hong Kong General Committee of Commerce, and the Việt Nam Trade Office in Hong Kong. — VNS