Bilateral trade between Hong Kong and Vietnam grew significantly at an average annual growth rate of 11.8 per cent from 2017 to 2021. Vietnam has become Hong Kong's seventh-largest trading partner.

Hong Kong's total merchandise trade with Vietnam in 2021 amounted to VND651 trillion ($27.76 billion), up 19 per cent from 2020, putting Vietnam as the second largest trading partner of Hong Kong among ASEAN countries.

Bilateral trade between Hong Kong and Vietnam continued to perform strongly in the first half of 2022, amounting to $15.82 billion, up 21 per cent compared with the corresponding period in 2021.

Algernon Yau, Secretary for Commerce and Economic Development of Hong Kong said, "Vietnam's economy has been growing very fast in recent years amid an unfavourable global economic environment, in particular in the manufacturing sector, presenting opportunities for the business communities overseas. Hong Kong businesses have a profound interest in Vietnam's business and investment opportunities and have a strong presence in the country. A notable example is Sunwah group."

Yau noted that Hong Kong was the fifth-largest investor in Vietnam, with a total registered investment capital of about $28 billion as of December 2021. Over 60 Hong Kong business leaders joining a business delegation to Vietnam is a case in point.

With the entry into force of the ASEAN-Hong Kong, China Free Trade Agreement in 2019, the ties between the two economies have gone from strength to strength.

To further enhance the trade and economic tie with ASEAN member states, including Vietnam and other key economies in the region, Hong Kong has requested to join the Regional Comprehensive Economic Partnership (RCEP), of which Vietnam is a member.

"Hong Kong's prospective membership in the RCEP will further deepen the bilateral relation between Hong Kong and Vietnam and bring more business and investment opportunities to the business communities of both places," Yau said.