Thirty corporations from Hong Kong seek investment opportunities in Vietnam
A delegation of 30 companies led by John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), will visit Hanoi from July 31- August 1 and Ho Chi Minh City from August 1-2.
Organized by the Hong Kong Trade Development Council (HKTDC), the delegation will include HKSAR senior officials and 30 leaders of leading enterprises from mainland China and Hong Kong operating in finance and insurance, innovation and technology, professional services, infrastructure, transport and logistics, energy, and hospitality.
![John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR). Photo courtesy of HKSAR.](https://i.ex-cdn.com/theinvestor.vn/files/content/2024/07/25/hongkong-theinvestor-0932.jpg)
John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR). Photo courtesy of HKSAR.
During the visit, the delegates will meet members of local chambers of commerce and key corporations to explore business opportunities, leveraging Hong Kong’s super-connector role linking China and the world. A business lunch will take place at the Park Hyatt Saigon Hotel in HCMC on August 2.
Dr. Peter K N Lam, HKTDC chairman, said that the purpose of this visit is to grow the bond between Vietnam and Hong Kong while simultaneously contributing to the broader aim of strengthening economic ties between Hong Kong and ASEAN.
As 2024 is the ASEAN-China year of people-to-people exchanges, this visit carries extra importance. Since its establishment in 1966, the HKTDC has prioritized building connections between Hong Kong and the world through business and trade.
This translates into exploring new collaborative opportunities between Vietnam and Hong Kong to strengthen economic ties, with the ultimate goal of mutual prosperity and economic development.
Hong Kong, as an international finance, trade, investment and cultural exchange hub bridging mainland China and the world, is looking to build upon the close relationship between mainland China and Vietnam by providing opportunities for Vietnamese businesses to reach the mainland market.
Vietnam and Hong Kong maintain a strong economic and trade relationship, which Hong Kong wants to reinforce with this visit. In 2023, Vietnam was Hong Kong’s fifth-largest export market and its largest in ASEAN; Hong Kong’s seventh-largest trading partner and second-largest in ASEAN; and Hong Kong’s eighth-largest import market and third-largest in ASEAN.
The trade visit will facilitate discussion on synergies between Hong Kong and Vietnam and how to enable Vietnamese businesses to leverage Hong Kong’s dynamic start-up ecosystem and in new sectors of growth, such as innovation and technology, sustainability, and green finance. These discussions will also look at market entry strategies and opportunities for outbound investments by Hong Kong businesses.
The visit to Vietnam builds on the success of previous ASEAN missions to Singapore, Malaysia, and Indonesia in 2023, and Thailand in 2022.
It is part of a wider mission to ASEAN taking place from July 28 to August 2, during when the Hong Kong delegation will also visit Laos and Cambodia to strengthen trade and economic cooperation and cultural exchange between ASEAN and Hong Kong.
Opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area through mutually beneficial collaboration under the Belt and Road Initiative will also be explored.
ASEAN is Hong Kong's second-largest trading partner in merchandise, with a total trade volume of $145 billion in 2023.
- Read More
Taiwan-invested Cathay Life Insurance Vietnam’s H1 post-tax profit falls 3.2%
Cathay Life Insurance Vietnam Co., Ltd., under Taiwan-based life insurer Cathay Life, recorded a post-tax profit of VND836.4 billion ($33.6 million) in Vietnam in the first half of 2024, down 3.2% year-on-year.
Finance - Tue, September 3, 2024 | 10:05 pm GMT+7
M&A cold, FDI hot as ‘eagles’ make high-tech, green investments in Vietnam: KPMG exec
Foreign investors are increasing their Vietnam investments, focused particularly in electronic components, semiconductors and green energy, but mergers and acquisitions (M&A) activities have declined sharply, says Nguyen Cong Ai, a partner with KPMG Vietnam.
Economy - Tue, September 3, 2024 | 3:37 pm GMT+7
Central Vietnam province to scrap dormant $72 mln resort project
Binh Dinh authorities are carrying out procedures to suspend the $72 million Phuong Mai Bay resort project located in the central province’s Nhon Hoi Economic Zone.
Real Estate - Tue, September 3, 2024 | 1:41 pm GMT+7
Shinhan Bank Vietnam posts 6.2% growth in H1 post-tax profit
Shinhan Bank Vietnam, wholly owned by South Korea’s Shinhan Financial Group, earned a post-tax profit of VND2,523.8 billion ($101.5 million) in the first half of this year, up 6.2% year-on-year.
Banking - Tue, September 3, 2024 | 12:47 pm GMT+7
Mitsubishi-Kepco invested central Vietnam thermal power plant plans trial run next month
Project developer Vung Ang II Thermal Power LLC (VAPCO) says the first turbine of the $2.4 billion, 1,320-MW Vung Ang II thermal power plant will begin trial operations next month.
Energy - Tue, September 3, 2024 | 10:12 am GMT+7
Vietnam needs second, more radical wave of reforms: economist
Vietnam has reaped positive results after nearly 40 years of Doi moi (reform), but the country’s “new context” needs an even more comprehensive and radical second wave, says Tran Dinh Thien, former director of the Vietnam Institute of Economics.
Economy - Tue, September 3, 2024 | 8:07 am GMT+7
Vietnam top fuel retailer Petrolimex sees H1 net profit up 59% on rising sales
Petrolimex, the biggest fuel distributor in Vietnam, posted an audited consolidated net profit of VND2,279 billion ($91.62 million) in H1/2024, rising 59% year-on-year, thanks to higher sales.
Companies - Mon, September 2, 2024 | 10:13 pm GMT+7
Sufficient, reliable power supply key for FDI inflow into Vietnam data centers
Sufficient and reliable power supply will be a crucial factor in attracting foreign direct investment (FDI) for developing data centers as Vietnam looks to tap the growing global demand for such facilities, experts say.
Infrastructure - Mon, September 2, 2024 | 7:44 pm GMT+7
Consumer finance firm Home Credit Vietnam sees 124% H1 profit jump
Ho Chi Minh City-based consumer loan provider Home Credit Vietnam has announced it earned a net profit of VND474 billion ($19 million) in H1/2024, up 124% year-on-year.
Companies - Mon, September 2, 2024 | 4:34 pm GMT+7
Digital transformation Vietnam’s critical development driver in new era: top leader
Vietnam sees digital transformation as a critical development driver in the new era, with a great impact on productive forces and production relations, its top leader To Lam has affirmed.
Economy - Mon, September 2, 2024 | 3:34 pm GMT+7
Dutch Lady in no relationship with troublesome Holland Milk: brand owner FrieslandCampina Vietnam
A FrieslandCampina Vietnam (FCV) representative has asserted that there’s no connection between the firm’s Dutch Lady milk brand and Holland Milk JSC, whose general director was arrested last Friday for producing and selling counterfeit food products.
Companies - Mon, September 2, 2024 | 12:57 pm GMT+7
Dragon Capital-linked funds no longer major shareholder of Hoa Sen Group
Funds affiliated with Dragon Capital, among the leading foreign-run asset management firms in Vietnam, have continuously sold shares of Vietnamese steel major Hoa Sen Group and quit being a major shareholder.
Finance - Mon, September 2, 2024 | 10:41 am GMT+7
Global majors showing investment interest in central Vietnam port: PM
Lien Chieu seaport project in the central city of Danang has captured the interest of many large corporations around the world, Prime Minister Pham Minh Chinh said Sunday.
Infrastructure - Mon, September 2, 2024 | 9:50 am GMT+7
Flock of foreign brands to Vietnam propels local retail market
The increasing presence of international brands in Vietnam highlights the potential for its retail market to expand, but there are concerns that foreign players may outcompete local businesses.
Investing - Mon, September 2, 2024 | 8:00 am GMT+7
HCMC decks up in national colors for National Day celebrations
A sea of red flags with the five-pointed yellow star adorned Ho Chi Minh City homes as residents joined their compatriots across the country in celebrating the National Day - September 2.
Society - Sun, September 1, 2024 | 10:39 pm GMT+7
Conglomerate Thaco sees 6% drop in H1 net profit on weak demand
Vietnamese private conglomerate Thaco Group posted VND1.01 trillion ($40.6 million) in net profit in the first half of this year, down 6% year-on-year and equivalent to 37% of the whole-2023 figure, according to its report filed to the Hanoi Stock Exchange.
Companies - Sun, September 1, 2024 | 7:07 pm GMT+7