Want to be in the loop?
subscribe to
our notification
Business News
THE KEYS TO ECONOMIC MOMENTUM - “RAPID ADAPTATION THE KEY TO SURVIVAL”
Fred Burke - Vice chairman, Hong Kong Business Association in Vietnam.
After a slowdown in trade and investment relations between Hong Kong and Vietnam, ties are on the mend and showing signs of promise. From the Hong Kong perspective, Vietnam is already a major trading partner, one of Hong Kong’s top 10 largest trading partners for many years, and it ranked eighth in 2021 and the first nine months of 2022.
Moreover, trade has been on the rise again, with a 19.3 per cent increase in 2-way trade in 2021 and a 24.2 per cent increase in the first nine months of 2022, amounting to $25.2 billion.
We are aware that both economies are facing a challenging period ahead, with weakening export markets, rising interest rates, and inflation headwinds, but there are also many reasons for optimism looking forward.
Among other things, transportation costs for Vietnam’s exports look set to drop in the coming year, making exports to Hong Kong and its markets more competitive.
Vietnam has shown how nimble it can be during periods when rapid adaptation has been the key to survival, in terms of policymaking, energy price regulation, and credit growth.
Some challenges remain. While Hong Kong managed to lift its strict pandemic restrictions on visitors, it remains difficult for
Vietnamese to get business and work visas to come to Hong Kong.
On the Vietnam side, the government’s continued efforts to implement administrative reform have been encouraging, but licensing and permits for project implementation is still an uphill struggle.
Given the two sides’ keen interest in the expansion of trade and investment, it is easy to be confident that the challenges will be overcome and the bilateral trade and investment relationship will thrive.
Related News
VIETNAM’S GDP TO GROW 5.5% THIS YEAR – WB
This forecast is based on the assumption of a moderate recovery in manufacturing exports in 2024, fueled by rebound growth of 8.5% year-on-year in the fourth quarter of 2023 and 17.2% year-on-year in the first quarter of 2024, reflecting strengthening global demand, said Dorsati Madani, senior country economist at the WB in Vietnam.
FARE REFUND FOR VISA REJECTION
Cathay Pacific will offer full refunds for cases of visa rejection to provide you with the confidence to explore the world with ease. If you are planning to fly to a destination that requires an entry visa, you can now book with greater peace of mind.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.