Võ Văn Hoan, vice chairman of the HCM City People's Committee, delivered a speech at the Guangdong-Hong Kong-Macao Greater Bay Area Investment & Business Forum in HCM City on Tuesday. — Photo courtesy of the Investment and Trade Promotion Centre of HCM City (ITPC)

HCM CITY — With a population of nearly 10 million and an expanding middle class, HCM City represents a vast market with great potential for Chinese businesses, especially those from the Guangdong-Hong Kong-Macao Greater Bay Area Entrepreneurs Alliance (GBA Alliance), said Võ Văn Hoan, vice chairman of the HCM City People's Committee.

At the HCM City and the Guangdong-Hong Kong-Macao Greater Bay Area Investment & Business Forum held in HCM City on Tuesday, Hoan emphasised that HCM City achieved a GDP growth rate of 7.17 per cent in 2024, and contributed 27 per cent of the national budget.

“The co-operative relationship between Việt Nam and the GBA in particular and China in general continues to see significant development in many fields, especially in trade, investment, and tourism,” he said.

The forum, which was co-organised by the Chinese General Chamber of Commerce in Hong Kong (CGCC), the Guangdong - Hong Kong-Macao Greater Bay Area Entrepreneurs Alliance (GBA Alliance), the Hong Kong - Việt Nam Chamber of Commerce (HKVCC), in collaboration with the Investment and Trade Promotion Centre of HCM City (ITPC), the China Council for the Promotion of International Trade in Guangzhou (CCPIT), and the Hong Kong Economic and Trade Office in Singapore (HKETO), aimed at promoting exchange and multi-sector co-operation between China, particularly the GBA, and Việt Nam, especially HCM City.

The forum was considered a valuable opportunity for businesses on both sides to communicate and strengthen co-operation in potential fields such as investment, finance, the green economy, science and technology, import-export, e-commerce, manufacturing, logistics, agriculture, and food products.

Representatives of companies share information at the Guangdong-Hong Kong-Macao Greater Bay Area Investment & Business Forum in HCM City on Tuesday. – VNS Photo Thu Ngân

At the forum, representatives shared Hong Kong's strengths as one of the key cities of the GBA and the significant policies Hong Kong is implementing to promote economic, trade, tourism, and financial cooperation, and talent attraction with Southeast Asia, particularly Việt Nam.

Jesse Choi, chairman of the GBA Entrepreneurs Alliance Vietnam Chapter, emphasised that the alliance has been leveraging its strengths in technology, finance, manufacturing, and innovation to support Vietnamese businesses in accessing the Chinese market and building long-term partnerships.

Through its Việt Nam branch, the alliance has organised investment and trade promotion forums that provide Vietnamese enterprises with valuable market trends, policy insights, and opportunities, he said.

The forum also featured more than 15 business matchmaking sessions, facilitating direct one-on-one exchanges between GBA enterprises and Vietnamese businesses. These meetings allowed businesses to present their products and services, learn about market needs and cooperation potential, and establish new relationships to expand business operations and sustainable growth. ­­­

Việt Nam is China's largest trading partner in ASEAN and the fourth-largest trading partner of China after the US, Japan, and South Korea.

China is Việt Nam's largest import market and second-largest export market.

According to data from the Ministry of Planning and Investment, in the first seven months of 2024, investment from the Hong Kong Special Administrative Region into Vietnam reached US$2.19 billion, and from mainland China it reached $1.64 billion.

China also leads in the number of projects implemented in Việt Nam. Previously, Chinese FDI into Việt Nam mainly focused on the processing and manufacturing industry, furniture, footwear, and garment production. The investment flow is now shifting towards high-tech industries, components, parts for industrial production, electronics, automobiles, and green energy.

HCM City is the locality with the highest number of Chinese investment projects, with 731 projects.

The HCM City Investment and Business Forum with the Guangdong-Hong Kong-Macao Greater Bay Area was one of the activities within the framework of the GBA business delegation's visit to Việt Nam from December 16 to 20, 2024. This delegation included more than 60 entrepreneurs and senior representatives in various fields such as financial services, manufacturing, real estate and technology. — VNS