Vietnamese products increasingly popular in Hong Kong (China): Official

Thuy cited statistics from the Common Division of Vietnam Customs exhibiting that two-way commerce between Vietnam and Hong Kong rose 18 % 12 months on 12 months to 13.6 billion USD in 2021, with Vietnam’s exports valued at 12 billion USD, up 15 %.

The Hong Kong market accounted for 3.6 % of Vietnam’s whole export income, she famous.

When it comes to funding, Thuy mentioned that as of December 20, 2021, Hong Kong was the fifth largest investor in Vietnam with 2,041 initiatives price 27.83 billion USD, specializing in processing-manufacturing, garment and textile, service, actual property and development sectors.

In 2021, 126 new Hong Kong-invested initiatives have been licensed in Vietnam with whole capital of almost 1.7 billion USD, she famous.

Thuy mentioned that regardless of COVID-19, commerce between the 2 sides have remained secure and Vietnam continued to take pleasure in commerce surplus out there. Vietnam has affirmed its place and manufacturing capability within the international manufacturing and provide chains with tighter hyperlinks with these in Hong Kong.

On the identical time, Vietnam has been among the many high 10 largest commerce companions of Hong Kong for a few years. In 2021, Vietnam rose to the seventh place, and the second amongst ASEAN nations.

The ASEAN-Hong Kong free commerce settlement, which took impact from 2019, has additionally contributed to advertise two-way commerce which has elevated over 10 % annually, Thuy mentioned, including that an increasing number of Vietnamese merchandise have been bought in Hong Kong.

Vietnamese garment, footwear, pork and seafood have been standard amongst Hong Kong customers, she mentioned.

In keeping with Thuy, the Regional Complete Financial Partnership (RCEP) has created optimistic impacts on the Vietnam-Hong Kong commerce and funding cooperation. RCEP, the largest commerce pact on the planet, brings collectively 10 ASEAN member states, together with China, Japan, the Republic of Korea, Australia and New Zealand, protecting 30 % of the worldwide gross home product (GDP) price 26.2 trillion USD. In June 2021, Hong Kong filed a request to hitch the deal.

Thuy mentioned that within the time to return, the Vietnamese Consulate Common and the Vietnamese Commerce Workplace in Hong Kong plan to implement many actions to advertise Vietnamese sturdy merchandise in Hong Kong in addition to within the area and the world, whereas serving to appeal to extra Hong Kong traders to Vietnam.