Business links between Hong Kong and ASEAN are growing strongly, in response to the Hong Kong SAR Government’s commitment to expanding trade with its second-largest trading partner.
In July and August, a major delegation of Hong Kong business leaders visited Laos, Cambodia and Vietnam, led by Hong Kong SAR Chief Executive Mr John Lee. A key member of the delegation was Agnes Chan, Chairman of the Hong Kong General Chamber of Commerce (HKGCC), Hong Kong’s premier body representing the interests of the local business community.
During the visit, the HKGCC signed collaboration agreements with counterpart organisations in Vietnam and Cambodia, namely the Vietnam Chamber of Commerce and Industry and Cambodia Chamber of Commerce, respectively. Ms Chan revealed this is only the beginning of many more activities providing market intelligence and networking opportunities the Chamber plans to offer.
In September, the Chamber held a seminar on opportunities in Vietnam, and in October, it will organise delegation visits to Cambodia and Vietnam. Moreover, in November, the Chamber will invite members of the Cambodia Chamber of Commerce and Vietnam Chamber of Commerce & Industry to attend its International Business Summit.
In recent years, Hong Kong has been keen to diversify away from traditional markets, such as the US and Europe, and engage more closely with emerging markets, such as ASEAN, a key driver of global economic growth today.
Ms Chan said: “Our city’s strengths lie in its international connectivity. As we chase economic rejuvenation, it is vital to cast our net wider, opening doors to new prospects and investment potential.”
Opportunities abound across the three countries, according to Ms Chan. Vietnam is Hong Kong’s second-biggest trading partner in ASEAN, and many Hong Kong financial, logistics and professional service companies are helping Vietnamese companies access the mainland and international markets.
Ms Chan noted Hong Kong companies are eyeing Vietnam’s fast-growing IT sector: “About 25% of the population is young and tech-savvy, driving the country’s IT industry boom, and the business potential is immense.”
In recent years, Cambodia has been scaling up infrastructure investment. Ms Chan noted there are many opportunities in the construction and property development sectors as well as in manufacturing due to the manageable input costs, such as labour.
She highlighted that in Laos, the tourism, retail and hospitality sectors are growing strongly as well as renewable energy, which was the subject of a recent agreement between CLP Power and partners in the Laos renewable energy industry.
Hong Kong’s asset management sector remained robust in 2023, amounting to over HK$31 trillion (US$4 trillion), and the city’s strengths and expertise in financial services are well-recognised on the ground in the three countries.
Hong Kong's active and dynamic financial market and efficient professional services can provide ASEAN countries with a favourable investment and financing environment, she said.
Moreover, Ms Chan pointed out that Hong Kong's vibrant and fast-growing innovation and technology sector can help ASEAN enterprises become more efficient, improve product quality and promote R&D commercialisation.
“All these developments are testament to the potential and opportunities Hong Kong offers.”
Looking ahead, in 2025, the HKGCC will increase collaboration with chambers and consulates in ASEAN countries to grow business networks and share information about Hong Kong’s expertise.
A key push will be to expedite the flow of people and capital, and the Chamber recommends governments implement visa-free travel for Hong Kong businesspeople.
Ms Chan said: “These outreach initiatives and crucial partnerships will help members connect and pursue business, while carving out investment paths with multiple regions and markets.”
