Vietnam an important partner of Greater Bay Area

Sunwah Group chairman Jonathan Choi speaks at the Ho Chi Minh City and Guangdong-Hong Kong-Macao Greater Bay Area Investment & Business Forum

Through Hong Kong, an international financial center, Vietnamese businesses can more easily and effectively access the Guangdong-Hong Kong-Macao Greater Bay, says Sunwah Group chairman Jonathan Choi.

Choi made the statement at the Ho Chi Minh City and Guangdong-Hong Kong-Macao Greater Bay Area Investment & Business Forum in HCMC this week.

Choi is also chairman of the Chinese General Chamber of Commerce in Hong Kong, chairman of the GBA Entrepreneurs Alliance, and chairman of the Hong Kong-Vietnam Chamber of Commerce.

In this trip to HCMC and Hanoi from December 15 to December 21 to explore business opportunities, he led a delegation of 60 business leaders and experts from the GBA.

Economic and trade relations between the GBA and Vietnam have grown increasingly close, making Vietnam an important partner in the region.

Through Hong Kong – an international financial center – Vietnamese enterprises can more efficiently and effectively access the GBA market and other regions in mainland China. This also allows them to benefit from the GBA’s strengths, such as its position as a global financial hub, free economic environment, robust legal system, and professional services, Choi stressed.

“Moreover, the potential for cooperation between the GBA and Southeast Asia, particularly Vietnam, is tremendous. Vietnam’s rich cultural heritage, stable political environment, well-developed infrastructure, and comprehensive human resource training system provide a strong foundation for growth,” he told the forum.

By combining the GBA’s technological strengths with Vietnam’s dynamic workforce, the GBA can expect to implement more collaborative projects in areas like artificial intelligence, advanced manufacturing, and green technology. Such initiatives will drive both economies toward a future of innovation and sustainable development, Choi added.

Vo Van Hoan, Vice Chairman of the HCMC People’s Committee, noted that the cooperative relationship between Vietnam and the GBA in particular and China in general continues to see significant development in many fields, especially in economics, trade, investment, and tourism.

Currently, Vietnam continues to hold the position of China’s largest trading partner in ASEAN and the fourth-largest trading partner of China, the U.S., Japan, and South Korea.

China is Vietnam’s largest import market and the second-largest export market. According to data from the Ministry of Planning and Investment (MPI), in the first seven months of 2024, investment from the Hong Kong Special Administrative Region into Vietnam reached $2.19 billion, and from mainland China reached $1.64 billion, according to Hoan.

China also leads in the number of projects implemented in Vietnam.

Previously, Chinese FDI into Vietnam mainly focused on the processing and manufacturing industry, furniture, footwear, and garment production. Chinese investment is now shifting towards high-tech industries, components and parts for industrial production, electronics, automobiles, and green energy. HCMC is the locality with the highest number of Chinese investment projects (731 projects).

Hoan emphasized that HCMC, a special city, achieved a GDP growth rate of 7.17% in 2024, accounting for 27% of the national budget contribution. “With a population of nearly 10 million and an expanding middle class, HCMC represents a vast and highly potential market for Chinese businesses, especially those from the GBA.”

Cao Thi Phi Van, deputy director of the Investment and Trade Promotion Center of HCMC (ITPC), highlighted the advantages of HCMC, including its strategic location, an area of over 2,000 square kilometers, and a population of over 10 million.

HCMC possesses many factors that attract international investors. It is also the core city and growth pole of the southeastern region, equipped with a complete network of modern roads, railways, waterways, and air transport, facilitating better connectivity both regionally and internationally. By Lan Do, The Investor, MDT/The Investor