Chairman of VCCI, Mr. Pham Tan Cong, and Chairman of NCCIM, Tan Sri Dato’ Soh Thian La, at the signing ceremony

The signing of the Memorandum of Understanding (MOU) took place between the Vietnam Chamber of Commerce and Industry (VCCI) and the National Chamber of Commerce and Industry of Malaysia (NCCIM) as part of a series of activities during the visit of the Prime Minister of Malaysia to Vietnam, aimed at enhancing cooperation between the two organizations. Chairman Pham Tan Cong, on behalf of VCCI, signed this memorandum.

The memorandum is in line with the functions, obligations, and responsibilities of the Parties, as well as the laws and regulations of the respective countries and the international treaties to which each country is a member. Accordingly, the two parties have reached mutual understanding on several points, such as committing to collaborate and make their utmost efforts to continue improving and expanding the trade and economic relations between the business communities of the two countries.

The Parties will regularly exchange information and viewpoints on expanding economic and trade relations between the two countries. To achieve this goal, the Parties agree that each Party will provide the other with information and trade publications.

Furthermore, the Parties will endeavor to support each other in participating in trade exhibitions, fairs, forums, seminars, or similar events within their jurisdiction.

The Parties will also strive to support and encourage the exchange of business delegations and missions organized by either Party, as well as facilitate visits of entrepreneurs individually or in groups between the two countries.

The Parties will make efforts to carry out all necessary procedures to ensure that the MOU operates for mutual benefit and will periodically review and adjust the MOU as necessary. The Parties will contribute to promoting trade and investment opportunities in their respective corresponding fields.

The current memorandum reflects the shared intentions of the parties. However, this MOU does not create any financial or legal obligations for either party, nor does it establish any legal relationship between the two Parties.

If the Parties wish to carry out any activities consistent with the cooperation of the purpose of this MOU, both Parties will mutually agree on specific written terms on a case-by-case basis, with terms and conditions that both Parties deem appropriate.

Chairman of VCCI, Mr. Pham Tan Cong, shakes hands with Mr. Tan Sri Dato’ Soh Thian La, Chairman of NCCIM.

To further strengthen the friendship and promote cooperation in economics, trade, and investment between the business communities of both countries, the Parties (when appropriate) may encourage the establishment of a Joint Business Council between Vietnam and Malaysia. This cooperation is also within the scope of this Memorandum.

This Memorandum of Understanding is effective from July 20th, 2023, and for a period of three years. The Memorandum will terminate two months after one Party notifies the other Party of its intention to terminate the MOU. Any amendments must be made in writing and agreed upon by both Parties.

In response to the invitation from Prime Minister Pham Minh Chinh, the Prime Minister of Malaysia and his spouse made an official visit to Vietnam from July 20th to 21st. This is the first official visit to Vietnam by Prime Minister Anwar Ibrahim since taking office and is a significant diplomatic event carried out in the year marking the 50th anniversary of the establishment of diplomatic relations between the two countries (1973-2023).

NCCIM is Malaysia's national trade and investment promotion organization, and Chairman Tan Sri Dato’ Soh Thian Lai is a member of the delegation accompanying Prime Minister Anwar Ibrahim and his spouse on their official visit to Vietnam from July 20th to 21st, 2023.

The Chairman of VCCI and the Chairman of NCCIM carried out the signing ceremony in the presence of the Prime Ministers of both countries.

The relationship between the two countries continues to develop positively based on the Vietnam-Malaysia Strategic Partnership established in August 2015. The two countries regularly exchange high-level delegations and maintain effective bilateral cooperation mechanisms. Both sides are actively implementing the Action Program to implement the Vietnam-Malaysia Strategic Partnership for the 2021-2025 period.

Economic cooperation between the two countries is progressing actively. Malaysia is Vietnam's 9th largest trading partner globally and the 2nd largest trading partner within ASEAN. In 2022, the bilateral trade volume reached $14.8 billion, an increase of 17.9% compared to 2021. Malaysia is among the top 10 countries with the largest investment in Vietnam, with 718 active projects and a total registered capital of $13 billion. Malaysia ranks 9th out of 80 countries and territories investing in Vietnam. Currently, Vietnam has 24 investment projects in Malaysia, with a total registered capital of nearly $860 million.

According to Cam Anh (Enterprise Forum Magazine).