Hong Kong Chief Executive’s visit to usher in new era of bilateral ties: Diplomat

Vietnamese Consul General in Hong Kong and Macau Lê Đức Hạnh (left) and Chief Executive of the Hong Kong Special Administrative Region (China) John Lee Ka-chiu. — VNA/VNS Photo

HONG KONG — The upcoming visit to Việt Nam by Chief Executive of the Hong Kong Special Administrative Region (China) John Lee Ka-chiu from July 31 to August 2 is set to usher in a new era of bilateral relations, said Vietnamese Consul General in Hong Kong and Macau Lê Đức Hạnh.

In an interview recently granted to the Vietnam News Agency’s resident correspondents, Hạnh said it will be Lee’s first visit to Việt Nam since he took office. He is to be accompanied by a delegation of administration officials, industry representatives and business leaders, signalling Hong Kong’s commitment to strengthening its ties with Vietnam.

She said they look to explore investment opportunities in Việt Nam and present Hong Kong as a gateway for Vietnamese firms to access the Chinese and international markets. Additionally, both sides will discuss strengthening connectivity in potential areas such as finance, technology, innovation, cultural exchange, education, with plans to sign several important agreements across various sectors.

Lee is scheduled to meet with Vietnamese leaders, including those of HCM City, to explore cooperation opportunities as the city strives to become a regional financial hub. The visit will also feature a business forum and networking event for Vietnamese and Hong Kong enterprises, offering a platform to seek potential partners and expand collaboration.

According to the 2023 data from the Hong Kong Census and Statistics Department, the total trade volume between Việt Nam and Hong Kong reached US$31.3 billion, making Việt Nam the second largest trading partner of Hong Kong in the Association of Southeast Asian Nations (ASEAN), behind Singapore and the 7th largest in the world. Việt Nam is also the 8th largest export market and the 5th largest import market of Hong Kong.

As of December 2023, Hong Kong was the 5th largest foreign direct investment (FDI) investor in Việt Nam, with accumulated investment of $34.1 billion. In 2023 alone, Hong Kong became the third biggest foreign investor in Việt Nam, with registered investment capital of $4.68 billion, accounting for 12.8 per cent of the total FDI. This trend continued in the first seven months of 2024 as Hong Kong become the second largest FDI investor, contributing over 2.19 billion USD, more than double the amount from the same period of the previous year.

The vibrant exchange of delegations between the two sides included numerous visits by high-ranking Hong Kong officials to Việt Nam in 2023 to step up cooperation in economy, trade, transport, logistics, financial services and justice.

A notable development was the official opening of visa applications for skilled Vietnamese workers in Hong Kong from October 25, 2023, along with relaxed restrictions on tourist visas for Vietnamese citizens. This significant policy shift has created numerous job opportunities for skilled Vietnamese workers and paved the way for future expansion of labour visas to include other professions, even unskilled labourers.

Looking ahead, Hong Kong aims to solidify its position as a global hub for finance, transport and logistics, trade, legal services, arts and culture, innovation and technology, intellectual property, and aviation. In this context, Vietnam and Hong Kong have ample opportunities to deepen their cooperation comprehensively and effectively.

In the financial sector, Hong Kong can support Vietnamese firms in accessing capital and advanced financial services while sharing expertise with HCM City in establishing a regional financial hub. In logistics, both sides can leverage Hong Kong’s status as an international transport hub to optimise supply chains and enhance connectivity between Việt Nam and global markets.

In trade, Hong Kong could act as a gateway for Việt Nam to access the Chinese and international markets through the Belt and Road Initiative and the Greater Bay Area (GBA). Collaboration in technology and innovation, talent attraction policies, intellectual property registration support, and startup assistance will provide Vietnamese startups with opportunities to engage with Hong Kong’s vibrant startup ecosystem.

Additionally, there is potential for increased cooperation in education-training, tourism and services, fashion industry, food and beverages, agricultural products and consumer goods.

With its strategic geographic location, favourable tax policies, and streamlined business registration procedures, Hong Kong remains an attractive destination for Vietnamese enterprises seeking international expansion, Hạnh said.

The diplomat also expressed the Vietnamese Consulate General’s commitment to further bolstering the bilateral ties in trade, investment, tourism, labour, education, culture, arts and people-to-people exchanges. — VNS