Hong Kong, forging business opportunities with Vietnam

Written by Information Services Department

HONG KONG SAR - Media OutReach Newswire ^[1] - 2 August 2024 - Hong Kong is going all out to strengthen business links with Vietnam and the wider Association of Southeast Asian Nations (ASEAN) region. A high-level delegation, led by John Lee, Chief Executive of the Hong Kong Special Administrative Region, is in Vietnam (31 July – 2 August, 2024), meeting top government and business leaders in Hanoi and Ho Chi Minh City and exploring new business opportunities.

Hong Kong’s Chief Executive, Mr John Lee (left), meets with the President of Vietnam, Mr To Lam (right).

During a meeting with the President of Vietnam, To Lam, Mr Lee highlighted that Hong Kong treasures its relations with Vietnam. He added that he looks forward to paving the way for new co-operation opportunities between the governments and business sectors of the two places through this visit.

In 2023, Vietnam was Hong Kong's seventh-largest trading partner globally and second-largest among ASEAN member states.

Mr Lee also met Vietnam's Deputy Prime Minister Tran Luu Quang in Hanoi, where they jointly witnessed the exchange of memoranda of understanding (MoUs) between government departments, enterprises and organisations of Hong Kong and Vietnam. The MoUs aim to promote closer cooperation in areas such as economic and trade, aviation services development, and financial and capital market development. A total of 30 MoUs were exchanged between Hong Kong and Vietnam during this visit to the country.

Mr Lee (left) meets with the Deputy Prime Minister of Vietnam Mr Tran Luu Quang (right).

Mr Lee (first left) and Deputy Prime Minister of Vietnam Mr Tran Luu Quang (first right) witness the exchange of a memorandum of understanding in Hanoi.

Mr Lee noted that Vietnam has experienced rapid economic development in recent years, while Hong Kong serves as an international financial, trade, shipping, logistics and professional services centre. As such, he encouraged more Vietnamese enterprises to leverage the city's advantages to tap into both Mainland China and international markets.

"Hong Kong is an ideal place for listing and other fundraising activities and with quality provision of different financial, legal and professional services, it can be Vietnam's premier business partner to tap foreign markets, particularly the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)," Mr Lee said.

Hanoi-based NTQ Solutions, a leading information technology (IT) consulting, service and solutions company, is familiar with Hong Kong's advantages. Since establishing operations in Hong Kong in 2021, NTQ Asia Pacific (formerly NTQ Hong Kong) has been upgraded to regional headquarters status, reflecting the city's importance as a springboard to new opportunities in the GBA and across the Asia-Pacific region.

"As a part of our strategy to expand to the global market, Hong Kong is an ideal destination that helps us accelerate this goal," said Johnny Chong, chief executive officer, NTQ Asia Pacific (APAC).

"Thanks to the city's location at the heart of the GBA, companies with entities in Hong Kong will have the best opportunities to venture into one of the most dynamic financial centres and get connected to Mainland China, Taiwan, Macao, and APAC regions in a short flight time."

Mr Chong identified the city's key attractions, including geographic advantage within a four-hour flight from key ASEAN markets, dynamic tech innovation hub, and business-friendly environment with a simple tax system.

"We look forward to seeing more Vietnam tech companies venturing into Hong Kong," said Mr Chong. "By standing together, we'll be able to leverage each other's competencies, strengthening Vietnam's IT position in the regional markets."

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