Dr. Jonathan Choi, Chairman of the Chinese General Chamber of Commerce in Hong Kong. (Source: Investment Newspaper)

According to statistics, in the first 7 months of 2024, Hong Kong's investment in Vietnam reached 2.2 billion USD with 191 newly licensed projects, an increase of 107% over the same period last year...

Statistics show that in 2023, Hong Kong's investment in Vietnam increased by more than 110% compared to 2022 and continued to grow strongly in the first 7 months of 2024. Overall, Hong Kong is now Vietnam's 7th largest trading partner and 5th largest investment partner. Vietnam is also Hong Kong's 7th largest trading partner and 2nd largest among ASEAN countries.

Many Hong Kong businesses invested in Vietnam very early, such as Sunwah Group, which has been present in Vietnam for 55 years. With their strengths, Hong Kong businesses invest in factories, real estate projects (building hotels and resorts), and finance (buying equity capital of securities companies).

During the recent working trip to Vietnam of a delegation of 30 leading business leaders and corporations from mainland China and Hong Kong, which areas are Hong Kong businesses interested in investing in, sir?

If in the past Hong Kong businesses invested in traditional sectors such as manufacturing, real estate, and finance, there has been a recent change as they focus more on investing in green and smart economic projects.

As Vietnam focuses on developing a green economy, a circular economy towards net zero emissions, we are also looking to invest in smart industrial parks. We are inviting many companies that manufacture electric vehicles, energy-saving equipment and machinery, renewable energy storage batteries, etc. to invest in Vietnam.

In addition, Hong Kong businesses are looking at supporting startups, then bringing them to competitions in Hong Kong and introducing them to investment funds and Hong Kong corporations.

Recently, many companies from Asia and mainland China have invested in industrial parks in Vietnam, but there is not enough skilled labor. Therefore, Hong Kong enterprises are coordinating with international vocational training organizations to come to Ho Chi Minh City and Hanoi to train highly skilled labor to supply these investors.

After many years of investment, how do Hong Kong businesses evaluate the investment environment in Vietnam?

They assessed that the Vietnamese market has a lot of potential and favorable factors, such as a large population, strong and impressive GDP growth rate. We believe in the development potential of Vietnam and Hong Kong businesses hope to continue to promote investment and business activities here.

In your opinion, what issues does Vietnam need to improve to attract more Hong Kong businesses to invest?

Vietnam is encouraging the development of green, circular economic models. With such a new business sector, it is very necessary to have support from the Government , especially legal issues that need stability. For example, solar power and wind power are very new business models, so how to manage them effectively, if the management is too tight, it will slow down the development.

For the development of green industrial parks, Vietnam should have special incentive mechanisms for companies investing in this field. To attract more companies to invest in green industrial parks, Vietnam needs to refer to special policies from the model that cities around the world have successfully implemented.