Greater Bay Area Businesses Expand and Strengthen Presence in Southeast Asia and Vietnam

DNHN - With its strategic location, Vietnam has been an attractive destination for Chinese investors for many years.

In the opening speech at the Inauguration Ceremony of the Guangdong-Hong Kong-Macao Bay Area Entrepreneurs Alliance in 3 Southeast Asian Countries, which was held in Ho Chi Minh City on January 12, 2023, Dr Jonathan Choi, Chairman of the Guangdong-Hong Kong-Macao Bay Area Entrepreneurs Alliance, Chairman of the Hong Kong-Vietnam Chamber of Commerce and Industry, and Chairman of Sunwah Group (Hong Kong), stated that the establishment of four branches of the Bay Area Entrepreneurs Alliance in four regions of three Southeast Asian countries, including Hanoi and Ho Chi Minh City, not only marks a significant milestone for friendship and partnership but also contributes further to common prosperity and progress.

The event was attended by Mr Nguyen Van Loi, Member of the Party Central Committee, Secretary of the Binh Duong Provincial Party Committee, and Head of the Binh Duong Provincial National Assembly Delegation. The event attracted over 300 guests, including senior leaders, experts from associations, investment funds, and major enterprises in Vietnam and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). It was regarded as one of the prominent events in the field of international trade cooperation in the city in early 2024.

“The Guangdong-Hong Kong-Macao Bay Area is a national-level strategic development engine for China, demonstrating a commitment to extensive regional integration. With a population of over 86 million and a regional GDP of USD 1.943 trillion in 2022, five times that of Hong Kong, the area now contributes over 10% to the country’s total GDP. The GBA is not only ranked among the fastest-growing regions in China but also boasts a level comparable to many developed countries worldwide,” introduced Dr Jonathan Choi. He also shared that Vietnam, with its strategic geographical location, has been an attractive destination for Chinese investors for many years. ASEAN has long been China’s largest trading partner. In 2022, trade between the GBA and ASEAN reached USD 1.4 trillion, an 11.8% increase year-on-year, accounting for 22.6% of the GBA’s total international trade. Furthermore, foreign direct investment from the GBA to ASEAN surged to USD 17.9 billion, up 13.1% year-on-year. These are remarkable achievements against the backdrop of a global economic downturn.

In addition, Hong Kong’s strength lies in being one of the GBA’s essential cities, along with the significant policies that Hong Kong is implementing to promote economic, trade, tourism, financial cooperation, and talent attraction between Hong Kong and the Southeast Asian region, particularly Vietnam. Mr Owin Fung, Director of the Hong Kong Economic and Trade Office in Singapore, stated that after fully recovering from the pandemic, Hong Kong is now open and reconnecting with the global business community. The foundation for Hong Kong’s continuous vibrancy is the advantage of the “One Country, Two Systems” policy, which ensures Hong Kong’s enduring status as an international trade, shipping, and financial centre and a crucial gateway for investment, trade, tourism, talent development, and various other sectors between Mainland China and other countries worldwide. He also introduced Hong Kong as the best platform in Asia for businesses to raise capital, as they can access both Mainland and international capital in one location.

On behalf of Ho Chi Minh City, Ms Cao Thi Phi Van, Deputy Director of the Ho Chi Minh City Investment and Trade Promotion Centre, introduced that “Ho Chi Minh City is a special municipality, a significant centre for economy, culture, science, and technology, and a crucial gateway for trade with countries in the region and the world… In 2023, Ho Chi Minh City became the leading locality in the country in attracting foreign investment, with a total registered investment capital of over USD 5.85 billion. Currently, there are 122 countries and territories investing in the city, with a total investment capital of over USD 85.7 billion. Guangdong and Hong Kong are significant investment communities in the city.”

According to Ms Cao Thi Phi Van, Ho Chi Minh City’s investment attraction orientation in 2024 is innovation, green and sustainable development, carbon neutrality, and aiming for net-zero emissions by 2050. “Therefore, we need clean energy, green transportation, green resources, green production… These are the areas in which we hope you will pay attention and invest in the city. Besides, we wish to cooperate with you to promote trade between localities,” said Ms Van.

As the Executive Vice Chairman of the Guangdong-Hong Kong-Macao Bay Area Entrepreneurs Alliance and CEO of Sunwah Group ASEAN, Mr Jesse Choi expressed his affection for Vietnam: “Vietnam is like my second home and also a strategic market for future development, acting as a springboard to expand our presence across Southeast Asia. The branches of the Guangdong-Hong Kong-Macao Bay Area Entrepreneurs Alliance in four Southeast Asian regions and countries will play a vital role in supporting Greater Bay Area enterprises to expand and strengthen their presence in Southeast Asia, especially Vietnam, while also bringing more information about the Greater Bay Area to local businesses.”

The Guangdong-Hong Kong-Macao Bay Area Entrepreneurs Alliance plans to organise business networking and cooperation activities, focusing on emerging areas of mutual interest, such as technology, innovation, logistics, financial services, manufacturing, and infrastructure development. By doing so, it aims to drive sustainable economic growth and mutual innovation in the region.

On this occasion, Mr Wei Huaxiang, Consul General of the People’s Republic of China in Ho Chi Minh City, also sent his online speech to the event with the best wishes for the programme. The Consul General highly appreciated the positive contributions of the Guangdong-Hong Kong-Macao Bay Area Entrepreneurs Alliance under the leadership of Dr Jonathan Choi over the years, and he also expressed his hope that the Alliance would continue to play a vital role as an essential bridge to promote bilateral cooperation most practically and effectively.

Within the framework of the event, the inauguration ceremony of the four branches in three Southeast Asian countries of the Guangdong-Hong Kong-Macao Bay Area Entrepreneurs Alliance was successfully held under the witness of leaders and expert guests. These branches will serve as crucial bridges in bringing businesses and local governments in Southeast Asia, particularly in Vietnam, Cambodia, and Malaysia, closer to Greater Bay Area enterprises. This will facilitate the identification and implementation of potential business cooperation opportunities between enterprises from both sides.

In addition, the Guangdong-Hong Kong-Macao Bay Area Entrepreneurs Alliance signed a Memorandum of Understanding during the ceremony with the following organisations: the Malaysia Business Association in Vietnam; the Chinese Business Association in Vietnam - Ho Chi Minh City Chapter; the Hong Kong Business Association in Vietnam; the Ho Chi Minh City Young Entrepreneurs Association; and the Guangdong Business Association in Vietnam. The purpose of these agreements is to foster business cooperation opportunities, foster friendly relations, and encourage exchanges between member enterprises within the GBA and Vietnam.

Uyen Nhi