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Int'l Cooperation

Last updated: Thursday, December 13, 2018


Opportunity to Boost Trade Cooperation

Posted: Thursday, December 07, 2017

Hong Kong (China) and Vietnam have established a very effective bilateral trade cooperation platform for years. This relationship will be strengthened in the future as driven by the Hong Kong - ASEAN Free Trade Agreement, signed on November 12, 2017, and expected to be effective on January 1, 2019. As a global trade hub, Hong Kong will be the gateway to Vietnamese businesses to access Mainland China,” said Benjamin Chau, Deputy Executive Director of the Hong Kong Trade Development Council (HKTDC).

As of September 2017, Vietnam was Hong Kong's 9th largest trade partner worldwide and third largest ASEAN trade partner with a bilateral trade value of US$13 billion, up 12 per cent over the same period of last year. Of the sum, Vietnam earned US$7.4 billion from exports to Hong Kong, up 11 per cent, and spent US$5.7 billion on imports from Hong Kong, up 12 per cent. In addition to the FTA, Hong Kong and ASEAN also signed a bilateral investment agreement. “Agreements will further strengthen trade and investment flows between ASEAN member states and Hong Kong, which will undoubtedly provide a great opportunity to accelerate economic, trade and investment development between Hong Kong and Vietnam,” he said at a recent meeting on Vietnam - Hong Kong trade cooperation.

Vietnam and Hong Kong have complementary and supportive commercial advantages. Vietnam exports garments and textiles, agricultural products, foods, and wooden furniture while Hong Kong is known one of the most vibrant trading centres in Asia in particular and in the worldwide in general. Hong Kong also attracts many big distributors to locate their head offices or representative offices to seek customers. This will be an ideal place for Vietnamese businesses to approach and introduce products to partners in Hong Kong and other countries in the world to establish long-term business cooperation and join global supply chains.

Ms Tina Phan, Director of Indochina at HKTDC, said the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade and HKTDC signed a memorandum of understanding on trade promotion that serves as a foundation for the two sides to step up the exchange of market information, organise trade programmes and improve commercial negotiation capacity for their businesses. “Every year, HKTDC holds more than 30 international exhibitions in Hong Kong, including 11 largest specialist exhibitions in Asia on jewellery, gifts, electronics and lighting. I hope that with this intensive cooperation, the bilateral economic cooperation between Hong Kong and Vietnam will be lifted to a new height,” she said.

Benjamin Chau said, based on Hong Kong’s geographical and economic advantages, Vietnamese businesses can expand their operations into Mainland China and the world by using value-added information portals, where trade fairs hosted by HKTDC serve as catalysts to promote business opportunities and create stronger trade links between Vietnam and Hong Kong. Vietnamese firms may consider attending appropriate fairs and exhibitions held by HKTDC in 2018 such as Food Expo (August 16 - 20, 2018), Hong Kong Electronics Fair (October 13 - 16, 2018), HKTDC International Information and Communication Technology Expo (April 13 - 16, 2018), Hong Kong Home Appliances Expo (April 20 - 23, 2018), Hong Kong Gifts & Premium Fair (April 27 - 30, 2018), Hong Kong International Diamond Gemstone & Pearl Fair (February 27 - March 3, 2018), and Hong Kong International Jewellery Show (March 1 - 5, 2018).

My Chau

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