Hong Kong - In a remarkable demonstration of economic synergy, two-way trade between Vietnam and China's Hong Kong has skyrocketed by 32% year-on-year in the first ten months of 2024, reaching an impressive 32.3 billion USD. This surge signifies a noteworthy advancement in the economic cooperation between the two regions, particularly in light of the agreements forged during the historic visit of Hong Kong's Chief Executive, John Lee Ka-chiu, to Vietnam in July.

Vu Thi Thuy, the Deputy Consul General of Vietnam and head of the Vietnam Trade Office in Hong Kong, emphasized the significance of this visit, marking it as the first official trip by a Chief Executive of Hong Kong to Vietnam. During this visit, 30 cooperation agreements were signed across diverse sectors, laying the groundwork for robust future collaborations.

Following this pivotal engagement, Vietnam's Deputy Prime Minister Nguyen Hoa Binh also visited Hong Kong to attend the "Belt and Road" summit in September, further strengthening bilateral ties.

Vietnam has consistently maintained its position as the 7th largest trading partner of Hong Kong over the years. Notably, Hong Kong emerged as the fourth-largest source of foreign direct investment (FDI) in Vietnam within the first 11 months of 2024, with 335 new projects delivering a total registered capital exceeding 1.95 billion USD.

Significantly, the Vietnam Trade Office in Hong Kong is actively nurturing business-to-business relationships, assisting Vietnamese businesses in participating in trade fairs and exhibitions, and facilitating visits by delegations from Hong Kong to Vietnam.

Looking ahead, the office aims to intensify its efforts in promoting Vietnam’s key exports, spotlighting agricultural products, seafood, textiles, and handicrafts that align with the preferences of consumers in Hong Kong.

Moreover, there are plans to foster collaboration in high-tech sectors, green manufacturing, and clean energy initiatives, which are crucial for sustainable economic growth. With both regions actively expanding their economic horizons, this partnership is poised to unlock new opportunities for trade, investment, and innovation in the coming years.

Stay tuned for more updates on this exciting economic alliance that could change the landscape of trade in Asia!