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Hong Kong General Trade Policy
The Hong Kong Special Administrative Region of the People's Republic of China (HKSAR) is firmly committed to an open market policy. This policy applies to all trade, as well as to all investments in the HKSAR.
Hong Kong has become a Special Administrative Region of the People's Republic of China since 1 July 1997. The "One Country, Two Systems" principle provides the HKSAR with a high degree of autonomy in economic, trade, financial and monetary matters. This is guaranteed by the Basic Law, the mini-constitution of the HKSAR, which ensures that the important elements making Hong Kong a regional business and financial centre will extend well beyond 1997, including continuation of capitalist economic and trade systems, free movement of goods and capital, and status as a free port and separate customs territory. Tariff preferences and other similar arrangements obtained by the HKSAR will be enjoyed exclusively by the HKSAR. The Basic Law also provides that the HKSAR may participate in relevant international organizations and international trade agreements under the name "Hong Kong, China".
In 1986, Hong Kong became a separate contracting party to the General Agreement on Tariffs and Trade (GATT). Hong Kong was one of the original members of the World Trade Organization (WTO) when it was established on 1 January 1995. Hong Kong also became a member of the Customs Cooperation Council (subsequently renamed as the World Customs Organization) in 1987 and the Asia Pacific Economic Cooperation (APEC) in 1991. The status of the HKSAR in these and other international organizations remains unchanged except that our participation is now under the name "Hong Kong, China".
Trade Relations with Viet Nam
- Viet Nam maintains a good trading relationship with Hong Kong. Bilateral trade between Hong Kong and Viet Nam increased 19.5% from HK$13.9 billion in 2005 to HK$16.6 billion in 2006. In 2006, Viet Nam was Hong Kong's 26th largest trading partner, 23rd largest market for domestic exports and 23rd largest market for re-exports, and 27th largest source of imports.
- Hong Kong is also an important entrepot for trade between the Mainland of China and Viet Nam. Re-export of goods of Mainland origin through Hong Kong to Viet Nam increased by 20.2% from HK$6.4 billion in 2005 to HK$7.7 billion in 2006.
- Hong Kong's domestic export of goods to Viet Nam totalled about HK$0.6 billion in 2006. The top four export categories to Viet Nam in 2006 were:
- Tobacco and tobacco manufactures
- Textile yarn, fabrics, made-up articles, and related products
- Printed matter
- Office machines and automatic data processing machines
- Hong Kong's re-export of goods to Viet Nam totalled about HK$11.2 billion in 2006. The top four re-export categories to Viet Nam in 2006 were:
- Textile yarn, fabrics, made-up articles, and related products
- Office machines and automatic data processing machines
- Beverages
- Leather, leather manufactures, and dressed furskins
- Hong Kong's import of goods from Viet Nam totalled about HK$4.8 billion in 2006. The top four import categories from Viet Nam in 2006 were:
- Telecommunications and sound recording and reproducing apparatus and equipment
- Electrical machinery, apparatus and appliances, and electrical part thereof
- Fish, crustaceans, molluscs and aquatic invertebrates, and preparations thereof
- Footwear
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Hong Kong's Trade with Viet Nam
(in HK$ million) |
|
2005 |
% Change over 2004 |
2006 |
% Change over 2005 |
| Domestic Exports |
567 |
-41.0 |
557 |
-1.7 |
| Re-exports |
9,425 |
+10.2 |
11,168 |
+18.5 |
|
Total Exports |
9,992 |
+5.0 |
11,724 |
+17.3 |
| Imports |
3,868 |
+10.8 |
4,839 |
+25.1 |
|
Total Trade |
13,860 |
+6.6 |
16,564 |
+19.5 |
Bilateral Investment
- As at end 2005, Viet Nam ranked outside the first 20 major sources of inward direct investment into Hong Kong.
- As at end 2005, Viet Nam ranked outside the first 20 major destination of outward direct investment from Hong Kong.
- The Viet Nam – Hong Kong Investment Promotion and Protection Agreement (IPPA) was initialled in May 1995. Should it enter into force, the Agreement would further strengthen the excellent trade and economic relations between Viet Nam and Hong Kong.
RC Division
Trade and Industry Department
July 2007 |
