Hong Kong Business News

Chief Executive John Lee will lead a delegation to visit Laos, Cambodia, and Vietnam later this month to promote Hong Kong and explore business opportunities.

The Trade Development Council stated that the three countries, all of them in ASEAN (the Association of Southeast Asian Nations), each have significant potential, and present opportunities for Hong Kong firms to explore greater business and trade co-operation.

Vietnam has put in place green growth strategies to achieve net zero by 2050. Trade Development Council Economist Edmund Lo explained that private companies can now directly purchase energy from renewable energy generators. 

“These strategies and policies could potentially attract more investment on such renewable energy sector, no matter from within Vietnam or from the international society,” he said. “They are also promoting the investment of some renewable energy such as solar energy.”

He added that Hong Kong, as an international financial centre, is particularly strong in green finance and can provide appropriate solutions, and green finance, to companies that are willing to invest in eco-industrial parks or renewable energy in Vietnam.

For its part, Laos, dubbed “the battery of Southeast Asia”, is a key energy exporter to neighbouring Thailand and Vietnam. 

“Over 30% of Laos’s exports is electricity, which are driven from renewable energy sources, of which 70% is from hydropower,” said Trade Development Council Economist Henry Cheung, outlining that Hong Kong businesses can assist the sector's further development. 

“Hong Kong has over 4,000 tech-related startup companies. We believe there are companies in these technology areas that can help them, no matter in their professional knowledge or in the equipment.”

Meanwhile, Cambodia’s aspiration to diversify from being a garment-led economy also presents new opportunities. 

“It does not want garments and textile-related stuff to become the only major export,” said Mr Cheung. “It wants more different kinds of products to be exported. For example, ICT (Information and Communications Technology)-related, or renewable energy-related.

He said Hong Kong firms could provide solutions relating to technology transformation, helping Cambodia to move from a labour-intensive to a technology-driven economy.

The Trade Development Council added that Hong Kong, as an important node in the Belt & Road Initiative, serves as an ideal platform for enterprises in the Greater Bay Area and ASEAN to expand their operations.

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