Vietnam’s consumer market has great potential to grow, and the country has shown good resilience after the COVID-19 pandemic, according to Corey To, an economist from the Hong Kong Trade Development Council (China).
In an interview granted to Vietnam News Agency correspondents in Hong Kong, Corey To cited the forecast of the International Monetary Fund (IMF), stating that Vietnam’s GDP growth is likely to expand by 7-7.5% in 2022, leading the group of five emerging economies in ASEAN, including Indonesia, Malaysia, the Philippines and Thailand.
Localities in Vietnam and Hong Kong have witnessed close economic and trade cooperation in recent years, he said, noting that for many years, Vietnam has always been among the top 10 trading partners of Hong Kong.
In 2021 and the first nine months of 2022, Vietnam was Hong Kong’s 8th largest trade partner and the 2nd among ASEAN members.
The ASEAN-Hong Kong Free Trade Agreement, which officially took effect in June 2019, has played a huge role in promoting trade relations between Vietnam and Hong Kong, he said.
With its young population, rapid urbanisation, and abundant labour market, Vietnam is an attractive consumer market, he added.
Vietnam also has huge potential for Hong Kong lifestyle products, he noted, adding that Hong Kong products such as garments, luxury gifts, electronics, accessories, and smart products are becoming increasingly popular in Vietnam.
For these reasons, Hong Kong firms are promoting their businesses to exploit the Vietnamese market, Corey To said.
According to the economist, Vietnam is one of the fastest growing e-commerce markets in Southeast Asia, and Vietnamese consumers are increasingly wanting to own products with better quality, good prices and delivery conditions.
Hong Kong businesses should pay more attention to further exploiting Vietnam’s e-commerce market as the Southeast Asian nation has a lot of potential for strong development of electronic payments, the economist said
According to a report of PricewaterhouseCoopers (PwC Vietnam) in 2021, Vietnamese consumers are increasingly using e-wallets for payment.
Corey To said Hong Kong businesses should pay more attention to these opportunities./.
Source: Vietnam News Agency