Logistics service providers from Hong Kong are looking to strengthen partnerships with their Vietnamese counterparts to tap into the nation's logistics market.
A delegation of more than 10 members of the Hong Kong Logistics Development Council (LOGSCOUNCIL) paid a four-day visit to Vietnam on October 10 to explore partnership opportunities. The delegation was led by the Secretary for Transport and Logistics, Lam Sai-hung.
Hong Kong and Vietnam continue to benefit from thriving bilateral trade, attributable to their shared geographical proximity and economic development. Last year, bilateral trade in goods between Vietnam and Hong Kong amounted to around $33 billion, with an impressive annual growth rate of about 15 per cent from 2018 to 2022.
Hong Kong and Vietnam are each other's seventh-largest trading partner, with Vietnam positioned second among the 10 ASEAN member states in this regard. The bilateral trade ties between Hong Kong and Vietnam have become closer since the Free Trade Agreement and Investment Agreement between Hong Kong and ASEAN came into force in 2021.
Sai-hung said, "As the doorstep to Mainland China, we are optimistic that the bilateral ties between us will continue to flourish with the Belt and Road Initiative and the development of the Guangdong-Hong Kong-Macao Greater Bay Area. Hong Kong is bestowed with strong support and long-standing global connections under the unique one country, two systems principle. The city is, and will continue to be, an important conduit between Mainland China and the world."
"We are expanding our cooperation with Belt and Road partners in a wide range of areas. With Vietnam as one of the major economies along the Belt and Road and a founding member of the Asian Infrastructure Investment Bank, there should be enormous room for further collaboration between Vietnam and Hong Kong – of course, including trading and logistics," he noted.
"We look forward to fostering a closer partnership with Vietnam. Our LOGSCOUNCIL members are happy to share their insights and experiences of doing business with Mainland China, including the advantages of routing goods through Hong Kong," added Sai-hung.
As an international trade and logistics centre, Hong Kong continues to serve as the ideal gateway between Mainland China and the world. Last year, around $23 billion's worth of trade between Mainland China and Vietnam routed through Hong Kong, amounting to around 9 per cent of the total trade between the two countries.
The laden container throughput between Vietnam and Hong Kong totalled around 800,000 TEUs last year. Of this, over a quarter were transhipments relating to Vietnam-Mainland China trade. Meanwhile, the air cargo throughput between Vietnam and Hong Kong totalled around 130,000 tonnes in 2022, of which nearly half were transhipments.
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