Jonathan Choi, chairman of the Hong Kong-Vietnam Chamber of Commerce, said at a meeting in HCMC’s leaders on August 15 that foreign firms would choose Shanghai when it comes to investing in China and in Vietnam, HCMC is a favorite destination for foreign investors.
Choi, heading the Hong Kong delegation at the meeting, said many Hong Kong firms considered setting up shop in China but he reminded them that HCMC is also a good option.
Nearly 70 Hong Kong companies from many different industries including real estate, apparel, footwear and technology attended the meeting.
Vietnam has become an appealing investment destination since it participated in the Trans-Pacific Partnership (TPP) agreement and free trade pacts with other countries. Choi said Hong Kong hopes to complete the Hong Kong-ASEAN free trade agreement soon.
He also said Hong Kong firms that have already succeeded in China are looking for new places with lower land rent and construction costs.
Choi said Hong Kong companies always adhere to strict standards for sustainable development, green technology and environmental protection. They are particularly strong in the sectors of tourism and finance and are also interested in developing large property projects in HCMC.
HCMC chairman Nguyen Thanh Phong said as HCMC is seeking more investors in these sectors, the city welcomes foreign enterprises, including those from Hong Kong, to explore cooperation opportunities.
Choi is also chairman of Sunwah, a Hong Kong-based group which marked its 45 years of doing business in Vietnam last year. The company is known for major real estate projects in HCMC and its coffee export business.
As of July, Hong Kong had got involved in 349 projects in HCMC with total committed capital of over US$3 billion, ranking fifth among 77 countries and territories investing in the city.