Chinese investors looking to increase interest in Vietnam

The forum 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-Vietnam Chamber of Commerce (HKVCC), in collaboration with the Investment and Trade Promotion Centre of Ho Chi Minh 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).

Speaking at the forum, Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan said, "With a population of nearly 10 million people and a growing middle class, Ho Chi Minh City is a large market with great potential for foreign businesses. Investors have the opportunity to cooperate in many fields such as finance, green economy, e-commerce, logistics, manufacturing, and science and technology."

Ho Chi Minh City's GDP growth is likely to reach almost 7.2 per cent for the year, while contributing 27 per cent to the national budget.

"This committee is dedicated to creating the right conditions for Chinese businesses to invest and develop sustainably in Ho Chi Minh City," Hoan added.

According to Dr. Jonathan Choi, chairman of the Chinese Chamber of Commerce in Hong Kong, economic and trade relations between GBA and Vietnam are becoming increasingly closer, and Vietnam has become an important partner of GBA. "By coming through Hong Kong, Vietnamese businesses can easily and more effectively access the GBA market as well as other regions in mainland China, while taking advantage of the region's position as a global financial centre, free economic environment, strong legal system and professional services," said Choi.

Dr. Jonathan Choi, chairman of the Chinese Chamber of Commerce in Hong Kong

"Ho Chi Minh City and its neighbouring provinces such as Dong Nai, Binh Duong, Ba Ria-Vung Tau, and the rest of the southern region are attractive destinations for business. Thanks to its strategic location, developed transportation infrastructure and abundant workforce, this area attracts overseas capital to fields such as industrial production, high technology, logistics services, and renewable energy," he said.

Furthermore, the potential for cooperation between GBA and Southeast Asia, especially Vietnam, is considerable. This is supported by Vietnam's rich cultural foundation, stable political environment, complete infrastructure and educated workforce.

"By taking advantage of GBA's technology and Vietnam's dynamic labour force, we can expect to deploy more collaborative projects in areas such as AI and advanced manufacturing, and green technology, propelling our economies towards a future of innovation and sustainable development," Choi added.

Tran Thi Hai Yen, director of the Southern Investment Promotion Centre, under the Foreign Investment Agency, the Ministry of Planning and Investment spoke of how the Vietnamese government has implemented many investment incentive policies to improve the business environment and support businesses, which in turn strengthens the confidence of international investors.

"The increase in the number of projects and the scale of foreign investment has created an important driving force for the sustainable economic development of the region," Yen said.

"Vietnam welcomes Chinese investors in areas such as high technology, supporting industries, electronic components, electric cars, electric batteries, science and technology, innovation, and research and development. These are fields in which China has experience and Vietnam needs to develop," Yen added.

According to the General Department of Customs, Vietnam continues to hold its position as China's largest trading partner in ASEAN and China's fourth-largest trading partner overall, after the United States, Japan, and South Korea. China is Vietnam's largest import market and second-largest export market. Trade between the two nations will set a record this year with a figure of about $200 billion.

According to data from the Ministry of Planning and Investment, China continues to be one of the largest foreign investors in Vietnam, ranking third with more than $3.6 billion invested, accounting for 11.5 per cent of the total invested in the country from overseas. China leads in the number of new projects, accounting for 28.3 per cent of the total number of projects.

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