Vietnam-Hong Kong target boosting bilateral trade to $50 billion

November 22, 2022 | 20:06

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Vietnam and Hong Kong set the target for a hike in bilateral trade turnover to $50 billion in the next five years, making Vietnam the city's largest trade partner in ASEAN.

Vietnam-Hong Kong target boosting bilateral trade to $50 billion

The meeting between President Nguyen Xuan Phuc and Chief Executive of the Hong Kong Special Administrative Region Li Jiachao. Photo: VNA)

The agreement was made between President Nguyen Xuan Phuc and Chief Executive of the Hong Kong Special Administrative Region Li Jiachao at a meeting under the framework of the Asia-Paciﬁc Economic Cooperation (APEC) 2022 this week.

Li Jiachao said that the bilateral relationship in terms of trade and investment had grown significantly despite the impact of the pandemic.

“Hong Kong is willing to boost the economic – trade – investment cooperation with Vietnam based on win-win relationship,” Li Jiachao said.

Hong Kong is currently the fifth largest foreign investor in Vietnam. In the first 10 months of this year, Hong Kong goups invested in 204 projects with a total investment capital sum of $1.36 billion. The consolidated figures showed that as of October 2022, Vietnam received $28.6 billion from Hong Kong investors in 2,110 projects.

Hong Kong is considered a promising market for Vietnamese exporters, with bilateral trade growth from over $8.28 billion in 2015 to nearly $13.63 billion in 2021.

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Businesses from Hong Kong (China) have expressed their interest in the Vietnamese gem market during their participation at the ongoing 38th HKTDC Hong Kong International Jewellery Show and 8th HKTDC Hong Kong International Diamond, Gem & Pearl Show.

Vietnam spent $50 billion importing computers, electronic products, and components

Computers, electronic products, and components were the leading import items by turnover in the first seven months of 2022.

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The ongoing visit by Vietnamse Party General Secretary Nguyen Phu Trong to China further affirms the close relationship between the two Parties, States and peoples, Li Minghan, a scholar from Hong Kong (China) who has spent years studying Vietnam and President Ho Chi Minh, has said.

By Ha Vy

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