Vietnam - Hong Kong aims to increase trade turnover to $50 billion

At the APEC 2022 Summit in Bangkok on November 19, President Nguyen Xuan Phuc and the chief executive of the Hong Kong Special Administrative Region John Lee Ka-Chiu declared economic, trade, and investment cooperation between the two countries. Despite challenges brought on by the Covid-19 pandemic, the two sides' partnership has made significant progress.

In order to make Vietnam Hong Kong's largest trading partner in ASEAN, President Nguyen Xuan Phuc and Mr. John Lee Ka-Chiu agreed to establish the goal of boosting bilateral trade turnover between the two countries to $50 billion in the next five years.

According to Mr. John Lee Ka-Chiu, the administration of the Hong Kong Special Administrative Region places a high value on and is prepared to expand economic, trade, and investment relations with Vietnam on the basis of mutual advantages.

In 2021, Vietnam had a $10.4 billion trade surplus with this special zone, as import and export turnover between the two countries climbed by 18%. The value of import and export transactions between Vietnam and Hong Kong in the first nine months of the year was close to $10 billion, an increase of around 4% over the same time in 2021.

With a total registered capital of $28.6 billion and 2,110 projects across several industries, Hong Kong is now Vietnam's fifth-largest investment partner. In comparison, the investment made by Vietnamese businesses in Hong Kong is still fairly little, totaling just over $49 million over 26 projects.

Source: VnExpress