Vietnam – Hong Kong trade expands 64.6 percent in six years
Hong Kong (China) is viewed as a promising market for Vietnamese exporters as bilateral trade experienced growth of 64.6 percent, from over 8.28 billion USD in 2015 to nearly 13.63 billion USD in 2021.
A street fruit vendor in Hong Kong (China). (Photo: VNA)
Hanoi (VNA) – Hong Kong (China) is viewed as apromising market for Vietnamese exporters as bilateral trade experienced growth of 64.6 percent, from over 8.28 billionUSD in 2015 to nearly 13.63 billion USD in 2021.
Last year, Vietnam’s export of agricultural and aquaticproducts alone advanced 3.08 percent to near 310 million USD.Vegetables and fruits recorded the highest growth of 32.94 percent, followed byaquatic products (7.71 percent), cashew nut (7.32 percent), and rice (0.53percent), according to the Vietnamese trade office in Hong Kong and Macau.
The office suggested that Vietnamese enterprises can enjoyvarious benefits when exporting to Hong Kong since it is an open market whichis close to Vietnam and has no tariffs on imports. Plus, the market is amajor importer of food and foodstuff and Hong Kong consumers have similar tasteand behaviour as Vietnamese, providing a good chance for the Vietnamese firms,it added.
However, Hong Kong adopts high food safety standards and verystrict rules on labeling, the office noted, adding that the competition is alsovery fierce.
Nguyen Ngoc Ha, Director of Hong Kong-based Viet KwongBusiness Development Company, said exporting to Hong Kong will give firms a “greencard” to enter other foreign markets, even the demanding ones.
She anticipated that as Hong Kong sets to reopen its marketthis August after months of closure due to COVID-19, demand for importswill be on a rise./.
A webinar entitled “Revival under the ‘New Normalcy’: Hong Kong-Vietnam Partnership” was held recently to seek ways to bolster trade cooperation and investment between Vietnam and Hong Kong (China).
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Vietnamese products have become more and more visible in the market of Hong Kong (China) thanks to strong trade ties between the two sides, said Vu Thi Thuy, head of the Vietnamese Trade Office in Hong Kong.
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A street fruit vendor in Hong Kong (China). (Photo: VNA)
