The northern port city of Haiphong has recently launched a series of trade and tourism promotion activities to further attract Chinese investors and tourists. This move will not only help strengthen economic cooperation between China and Vietnam, but also provide new development opportunities for small and medium-sized enterprises to enter the Vietnamese market.
Opportunities and Challenges in the Context of Sino-Vietnamese Cooperation
As an important port city in northern Vietnam, Haiphong City has a superior geographical location and is an important hub for China-Vietnam economic cooperation. In recent years, with the in-depth promotion of China’s “Belt and Road” initiative, the cooperation between China and Vietnam in the fields of infrastructure construction, logistics, manufacturing and so on has continued to deepen. Haiphong City actively seeks closer cooperation with China, which not only helps promote local economic development, but also provides an important bridgehead for Chinese companies to enter the Southeast Asian market.
In early August, a delegation led by Haiphong Party Committee Secretary Le Tien Chau visited Shenzhen and Guangdong, China, during which investment promotion meetings were held. At the Shenzhen meeting, Haiphong City successfully obtained seven investment registration certificates with a total registered capital of nearly US$200 million. This shows the confidence of Chinese companies in the Vietnamese market and highlights Haiphong City’s potential in attracting foreign investment. In addition, the Haiphong delegation also signed four memorandums of understanding on cooperation with Chinese partners, further consolidating the basis for cooperation between the two sides.
Expert interpretation: Haiphong’s strategic significance and future development potential in China-Vietnam economic cooperation
1. Haiphong’s geographical advantages and economic hub status
As a major port city in northern Vietnam, Haiphong has become an important hub for China-Vietnam economic cooperation due to its unique geographical location. It is not only an important gateway for Vietnam to the world, but also an important bridge for economic ties between China and other Southeast Asian countries. Experts believe that with the in-depth promotion of China’s “Belt and Road” initiative, Haiphong’s strategic position in China-Vietnam economic cooperation will be further enhanced.
The port of Haiphong not only provides Chinese companies with a convenient channel to enter the Southeast Asian market, but also injects vitality into Vietnam’s economic growth. Through Haiphong Port, goods can quickly enter the Chinese market and be distributed to the world through China’s land and sea routes. Experts pointed out that this interconnected logistics advantage makes Haiphong extremely competitive in attracting foreign investment, especially for Chinese companies that want to establish supply chains or distribution networks in Southeast Asia. Haiphong is undoubtedly an ideal investment destination.
2. Policy support and market potential in China-Vietnam economic cooperation
In recent years, the Vietnamese government has introduced a series of policies to encourage foreign investment, especially in key economic areas such as Haiphong City, where policy incentives are particularly significant. Experts believe that these policies not only lower the threshold for foreign investment, but also provide better tax and legal protection for enterprises. These policy supports, coupled with Vietnam’s growing market demand, have made Haiphong City an investment hotspot for foreign investment, especially Chinese companies.
According to data from the Haiphong Municipal Government, there are currently 405 Chinese investment projects in the city, with a total investment of US$6.14 billion. These investment projects cover a variety of fields, including manufacturing, infrastructure, and services, reflecting the high interest and confidence of Chinese companies in the Vietnamese market. Experts pointed out that with the continued growth of Vietnam’s economy and the steady progress of China-Vietnam relations, foreign investment projects in Haiphong will further increase, which will provide Chinese companies with more cooperation opportunities and market space.
3. Challenges and coping strategies of cultural and market differences
Although Haiphong City provides many opportunities for Chinese companies, experts also remind that cultural and market differences are challenges that must be overcome in cross-border investment and operations. There are certain differences between China and Vietnam in terms of cultural background, consumer behavior, business practices, etc. These differences may have an impact on the business strategy and market performance of enterprises.
For example, in Vietnam, consumers’ shopping habits and brand awareness are significantly different from those in the Chinese market, which requires companies to conduct in-depth market research and develop corresponding localization strategies before entering the market. Experts suggest that companies should work closely with local partners to better understand and adapt to market demand. At the same time, through localized marketing and brand building, companies can more effectively establish connections with Vietnamese consumers, thereby gaining an advantage in competition.
Vanzbon can provide enterprises with all-round support in this regard, including market research, legal consulting, tax planning and cross-cultural management services, helping enterprises to effectively respond to various challenges in the Vietnamese market and achieve sustainable development.
4. Cooperation prospects and win-win opportunities in the tourism industry
In terms of tourism, Haiphong has always regarded China as its main source market. Chinese tourists account for 20% of Haiphong’s international tourist market, showing the importance of this market. Experts believe that with the deepening of tourism cooperation between China and Vietnam, Haiphong will not only attract more Chinese tourists, but also promote the overall development of the local economy through tourism.
Through cooperation with major Chinese tourist cities such as Nanning, Haiphong is working to increase its popularity among Chinese tourists. This cooperation not only helps promote cultural exchanges between the two places, but also provides a win-win opportunity for tourism-related industries. Experts pointed out that Chinese tourists have diverse needs and high spending power. Haiphong should further improve the quality of its tourism services and develop more tourism products that meet the needs of Chinese tourists to increase the length of stay and the amount of spending by tourists.
For tourism enterprises, seizing this trend and through cross-border cooperation and precision marketing can significantly improve their competitiveness in the Vietnamese market. Wanqibang can help enterprises formulate strategies to enter the Vietnamese tourism market, providing all-round support from market positioning to marketing promotion to ensure the steady development of enterprises in the new market.
The importance of Haiphong in the Sino-Vietnamese economic cooperation is self-evident. By taking advantage of its unique geographical advantages and policy support, Haiphong is gradually becoming an important fulcrum for Chinese companies in the Southeast Asian market. Experts believe that with the acceleration of global economic integration, companies need to focus not only on short-term benefits but also have a long-term strategic vision when planning their international market.
Summary of views: Cooperation and development in the context of globalization
By actively promoting investment and tourism cooperation with China, Haiphong City has not only injected new vitality into the local economy, but also provided valuable opportunities for Chinese companies. For Chinese companies, Haiphong City is not only an investment and tourism destination, but also a strategic location to enter the Southeast Asian and even global markets through Vietnam.
From a strategic perspective, as the process of global economic integration accelerates, enterprises need to consider not only market size and growth potential, but also policy environment, cultural differences and risk management when planning their international market. As a leader in global services, Wanqibang is committed to providing comprehensive support to enterprises, helping them find the best business path in the complex international market and achieve sustainable global development. Business has no borders, and Wanqibang is the global partner. We will continue to help enterprises seize opportunities in the international market, move forward steadily and achieve success.
