Chinese Enterprises Actively Seek Investment Opportunities in Vietnam

On the afternoon of December 17, the Ho Chi Minh City Investment and Trade Promotion Center (ITPC), in collaboration with the Chinese General Chamber of Commerce (CGCC), the Hong Kong-Vietnam Chamber of Commerce (HKVCC), and the Greater Bay Area Entrepreneurs Alliance (GBA Alliance), jointly hosted the "Ho Chi Minh City-Greater Bay Area Investment and Trade Forum" in Ho Chi Minh City.

According to Vo Van Hoan, Vice Chairman of the Ho Chi Minh City People’s Committee, the economic, trade, investment, and tourism cooperation between Vietnam and China, especially with the Greater Bay Area (GBA), continues to show robust growth. Vietnam is now China's largest trading partner in ASEAN and its fourth-largest trading partner globally.

Data from the first seven months of 2024 reveals that China led all foreign investors in Vietnam with 540 new investment projects, totaling $1.22 billion in registered capital. Chinese investments are increasingly focused on high-tech industries, electronic components, automobile manufacturing, and green energy. Ho Chi Minh City, home to nearly 10 million people and reporting a 7.17% growth rate in 2024, has become the most attractive destination for Chinese investment projects, creating enormous opportunities for collaboration between companies from both countries.

Jonathan Choi, Chairman of the Greater Bay Area Entrepreneurs Alliance (GBA Alliance) and Chairman of Sunwah Group, highlighted that Sunwah Group has been investing in Vietnam since the 1970s, with Ho Chi Minh City as its regional headquarters. Choi noted that many GBA member companies have been impressed by Vietnam’s rapid economic development in recent years. This sentiment was reflected in the GBA delegation's visit to Vietnam, which included 60 senior executives and experts from various sectors, underscoring the strong appeal of the Vietnamese market.

Choi further emphasized that Vietnam has become a vital economic and trade partner for the Greater Bay Area. Through Hong Kong's role as an international financial hub, Vietnamese enterprises can efficiently enter the Greater Bay Area market and other regions in mainland China. Additionally, they can leverage Hong Kong's financial advantages, open economy, robust legal framework, and professional services to broaden their cooperation horizons and gain access to new business opportunities.

Jesse Choi, representative of the Greater Bay Area Entrepreneurs Alliance (GBA Alliance) in Vietnam, stated that the GBA Alliance is not only exploring investment opportunities in Vietnam but also using its strengths in technology, finance, manufacturing, and innovation to support Vietnamese companies in entering the Chinese market and fostering long-term partnerships. He revealed that the GBA Alliance plans to organize more investment and trade promotion forums to provide Vietnamese enterprises with valuable insights into market trends, policy changes, and bilateral investment opportunities. The alliance also aims to facilitate strategic partnerships to promote cooperation in potential areas such as digital transformation, the green economy, and smart cities, thereby expanding the global market influence of Vietnamese enterprises.

The forum further cemented the growing investment and trade ties between China and Vietnam. Chinese companies are accelerating their entry into the Vietnamese market, especially in high-tech manufacturing and green energy. At the same time, firms from the Greater Bay Area see Vietnam as a promising market for expansion. Leveraging the financial and technological resources of the GBA, Vietnamese enterprises are better positioned to enhance their global competitiveness and expand their international presence.