Further promote economic and trade cooperation between Vietnam and Malaysia.

Sat, 26 Aug 2023 13:36:00  |  Print  |  Email   Share:

Both Vietnam and Malaysia still have significant potential and room for development in the coming years.

Prime Minister of Malaysia Anwar Ibrahim's Speech at the Vietnam-Malaysia Business Forum

The trade relationship between Vietnam and Malaysia has developed well, especially since the two countries established a Strategic Partnership in August 2015. In 2022, bilateral trade reached a record high of $14.7 billion USD. Specifically, in the first 6 months of 2023, the trade exchange between the two countries reached $6.07 billion USD, accounting for 41.3% of the total in 2022.

However, there is still significant untapped potential between the two countries, particularly in the fields of trade and investment, aiming to achieve a bilateral trade target of $18 billion USD by 2025 in a more balanced manner.

Speaking at the Vietnam-Malaysia Business Forum, Prime Minister Anwar Ibrahim of Malaysia stated that both nations will continue to build upon and enhance the positive economic and trade momentum achieved so far to further boost bilateral trade.

Specifically, Prime Minister Ibrahim mentioned that the Memorandum of Understanding between the National Chamber of Commerce and Industry of Malaysia (NCCIM) and the Vietnam Chamber of Commerce and Industry (VCCI), signed on July 20th, is a tangible expression of the effort to further connect the business communities of both countries, encompassing trade promotion activities, policy exchange, investment discussions, and more.

Additionally, Prime Minister Anwar Ibrahim emphasized Malaysia's commitment to promoting sustainable and environmentally friendly economic growth programs, while also calling on Vietnamese businesses to strengthen cooperation with Malaysian enterprises in these fields.


VCCI Vice Chairman Nguyen Quang Vinh Welcomes Malaysian Minister of Investment, Trade, and Industry Tengku Datuk Seri Utama Zafrul

"By applying the principles of sustainable trade, the cooperation between Vietnamese and Malaysian businesses will serve as a driving force to enhance social well-being and the standard of living for the people of both countries," said the Prime Minister of Malaysia.

The Malaysian Prime Minister also expressed his expectation that the Vietnamese government would provide the most favorable conditions for Malaysian enterprises to expand their investments. Through efforts to strengthen collaboration, joint ventures, and the sharing of experiences and visions, the two countries can tap into the full potential of their economies and strongly promote mutually beneficial bilateral cooperation mechanisms.

From the perspective of business cooperation, in the exchange at the forum, Nguyen Quang Vinh, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), also emphasized that policies and programs to build expanded and equitable capabilities are highly necessary to promote bilateral trade.

Accordingly, Vice Chairman VCCI suggested that both sides could enhance collaboration in aspects such as improving the resilience of supply chains to support small and medium-sized enterprises (SMEs), including micro, small, and medium-sized enterprises (MSMEs), which involves supporting Environmental, Social, and Governance (ESG) frameworks for MSMEs.

Simultaneously, promoting environmental sustainability and addressing climate change require strong cooperation between governments and businesses, trade and investment in renewable energy. Enhancing market access, technology, and capital, as well as streamlining regulations, will expand economic opportunities.

Vice Chairman VCCI also expressed confidence: "If the government collaborates with the private sector, we will find the best ways to recover the economy, balance Vietnam and Malaysia's trade, restore business production, promote trade and investment, and reconnect supply chains towards sustainable and comprehensive development.

Emphasizing further on the potential cooperation opportunities between businesses of both countries, Malaysian Minister of Investment, Trade, and Industry Tengku Datuk Seri Utama Zafrul affirmed that aside from being ASEAN members and fully participating in ASEAN-related economic agreements, both Malaysia and Vietnam are also members of significant free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which will provide substantial impetus to economic recovery efforts.

Particularly, Zafrul evaluated that cooperation in the Halal product sector holds immense potential. In recent times, Malaysia has solidified its position as a world-leading Halal center. Malaysian businesses possess strengths and experience in areas like Halal certification, production process training, and supply chain linkage. Minister Tengku Datuk Seri Utama Zafrul noted that due to this, the demand for Halal standards is expected to increase as Malaysian tourists work in Vietnam. Collaborative efforts between the business communities of both countries will bring numerous benefits to Vietnam, especially in establishing Halal standards for products in areas where Vietnam excels, such as agriculture, aquaculture, and other export items. This will facilitate easier access to major global Islamic markets.

According to Cam Anh – Dang Truong (Business Forum Magazine).


By: Translator: LeAnh-Bizic


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