Hong Kong has increased it’s investment in Vietnam thereby significantly boosting the latter’s apparel and textile industry.
This comes in the wake of huge opportunities created by the recent trade agreements signed between both the nations.
Speaking on the development, Pong Su Ling, Secretary, Hong Kong General Chamber of Textiles, said that nearly 20 firms from Hong Kong will be attending 3 apparel and textile fairs to be held in Ho Chi Minh city in November.
Pong Su Ling also added that Hong Kong had been exploring investment opportunities in ASEAN countries and Vietnam was one of them with huge potential.
The recently inked agreements like ASEAN-Hong Kong Investment Agreement (AHKIA) and ASEAN- Hong Kong Free Trade Agreement (AHFTA) are expected to help both the nations access the market in addition to creating ample business opportunities.
Besides, the companies from Hong Kong believe that the agreements will not only create job opportunities but also enhance cooperation among small and medium enterprises of both the countries.
The firms from Hong Kong will invest significantly on the production of materials for garment and textile sector in Vietnam. They were confident that despite the risk of pollution (due to production of materials), latest technologies will help overcome this hurdle easily.
John Cheh, CEO and Vice Chairman, Esquel Group Limited averred that the 4-decade-old Hong Kong based company had been building plants in Vietnam since 2011 and has been seeing phenomenal growth in the country, since then.