How to connect local businesses with Guangdong-Hong Kong-Macao Greater Bay Area

At a recent forum connecting Vietnamese trade and investment enterprises and the Guangdong - Hong Kong - Macao Greater Bay Area, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc affirmed that the GBA is one of the most dynamic economic centers in the world and economic and trade cooperation between Vietnam and the GBA is constantly being strengthened.

Capitalizing on opportunities for joint cooperation and development

Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said that Vietnam is a bright spot in development, maintaining a stable growth rate, and its investment and business environment is highly appreciated by the international community. Vietnam is among the top 20 countries in the world attracting FDI according to UN Trade and Development (UNCTAD), and is also an attractive investment destination and has become an important link in the global supply chain.

Vietnam highly values ​​its partners in Guangdong, Hong Kong and Macao (China) for achieving many impressive results. The GBA, as a hub for innovation and a global trade gateway, has great potential to become a partner of Vietnam.

However, cooperation results are still far from matching with full potential and advantages of both sides. “You have many advantages that Vietnam wishes to cooperate with, such as cooperation in the fields of high technology and innovation; infrastructure investment and logistics; trade, services and finance; and green and sustainable development,” said Deputy Minister Nguyen Thi Bich Ngoc.

Vietnam is in the process of quickly preparing for important decisions such as strongly improving administrative procedures alongside the investment and business environment; building a streamlined, effective and efficient state apparatus; fine-tuning institutions and policies; and continuing to create more room and space for new development in order to accelerate and make a breakthrough for the next period towards achieving the set target of double-digit growth in the coming period.

Ngoc said she hopes that businesses in the GBA with experience and potential in financial and technological resources will take advantage of opportunities to cooperate for common development.

Dr. Jonathan Choi, chairman of the Guangdong - Hong Kong – Macao Greater Bay Area Entrepreneurs Alliance, hailed the potential for cooperation with Vietnam as well as showing the strong affirmation in promoting digital transformation and green growth.

Vietnam's advantages in investment attraction

Emphasizing Vietnam's potential and advantages in attracting investment such as geographical location, young and dynamic population, many advantages in production and exports, Jonathan Choi expressed his belief that there will be broader cooperation in financial services, trade, education, agriculture, and logistics in the coming time.

Jonathan Choi also noted the opportunities for cooperation in developing high-speed railways, financial centers, and free trade zones.

Chairman of the Guangdong Business Association (China) in Vietnam Jesse Choi proposed attracting businesses from the GBA to invest in Vietnam, and announced a cooperation plan between the Hanoi Chapter of the Alliance and the China Council for the Promotion of International Trade in Guangzhou (CCPIT).

Jesse Choi also noted his appreciation for Vietnam's infrastructure sector. The Vietnamese government has planned to develop the North-South high-speed railway system, the urban railway network in Hanoi and Ho Chi Minh City, as well as build bridges and roads nationwide.  The Vietnamese government is poised to turn Ho Chi Minh City into an international financial center.

In addition, Vietnam is highly interested in applying drones in such fields as agriculture, logistics, aerial filming, and emergency rescue. Besides the Government is also actively building preferential policies related to the green economy, aiming for a net zero emission target by 2050.

"The alliance, with a solid foundation in the GBA, a large development network, and resources from the government and enterprises, will play an important bridging role, bringing enterprises to Vietnam to invest and do business, and stepping up cross-border industrial and investment cooperation.

In the field of infrastructure, Guangzhou city - with its position as a railway transportation hub - owns a strong construction foundation and a world-class maritime and air transportation system.

The alliance can integrate Guangzhou's rail technology, comprehensive value chain, and Hong Kong's financing and operating experience to support Vietnam in effectively financing and operating high-speed rail projects," said Jesse Choi.

Jesse Choi stated that in the financial sector, Hong Kong – as an international financial centre – can provide policy-making experience, talent training and expert resources to support Vietnam.

In the field of drones, enterprises in Shenzhen and Guangzhou are leading the global technology trend, possessing a complete industrial ecosystem from research, production, and distribution to after-sales.

The alliance will bring these businesses to Vietnam to jointly exploit the market, promote agricultural modernization, develop tourism and improve work efficiency.

In terms of green energy and manufacturing, China has rich experience in solar energy, wind energy and nuclear energy. The alliance can bring green energy production technology and resources to Vietnam to support sustainable development.

Foshan City – as an advanced manufacturing center – can combine China's green and smart manufacturing technology with Vietnam's advantages to achieve breakthroughs in areas such as automation equipment, energy saving and environmental protection.

"With a favorable geographical location, stable political environment, increasingly developed transportation network and constantly improving business environment, Vietnam has become an important investment destination for businesses from the GBA," Jesse Choi affirmed.