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Hong Kong is focusing resources on health care and pharmaceuticals so its businesses could consider investment in those fields in Vietnam.

Speaking to Vietnam News Agency's correspondents, Anthony Lam, Vice President of the Federation of Hong Kong Industries (FHKI) and CEO and Vice Chairman of the Golden Resources Development International Ltd., said a number of Hong Kong manufacturers have recently expanded production out of Hong Kong and to ASEAN, including Vietnam, for different reasons.

About the potential of cooperation between Vietnamese and Hong Kong firms, Lam said Hong Kong is focusing resources on health care and pharmaceuticals so its businesses could consider investment in those fields in Vietnam.

He stressed that Vietnam boasts a young, hardworking, highly skilled workforce who are ready to learn. For this reason, the country could consider investing in hi-tech sectors like automated manufacturing lines and artificial intelligence, instead of labor-intensive industries, he said. 

According to Lam, Vietnam holds an advantage compared to other ASEAN member states in having road connectivity with China, thus Chinese manufacturers can easily move their production facilities from Guangdong, Guangxi to Vietnam, then export products to Europe, the U.S. and Australia.

Noting that Vietnam’s shipments to Europe and the U.S. still transit in Singapore, he said if Vietnam could invest in seaports to serve the direct transport of goods to Europe and the Pacific, the country could draw more foreign investors and those from Hong Kong in particular.

Lam suggested that the Vietnamese Government should issue incentives to stimulate the development of hi-tech firms and encourage the improvement of technology knowledge.

Source: VNA