Monday, 23 Sep 2019
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Vietnam, Malaysia target US$15 billion trade turnover in 2020

Updated at Wednesday, 28 Aug 2019, 10:20
The Hanoitimes - Currently, Malaysia is Vietnam`s 6th biggest trade partner while Vietnam is the 10th largest trade partner for Malaysia.
Vietnam and Malaysia are seeking ways to increase the two-way trade to US$15 billion and higher by 2020 as agreed by both Vietnamese and Malaysian Prime Ministers during the visit paid by Malaysian PM Tun Dr Mahathir bin Mohamad. 
 
Malaysian PM Tun Dr Mahathir bin Mohamad and Vietnamese PM Nguyen Xuan Phuc on August 27. Photo: VGP
Malaysian PM Tun Dr Mahathir bin Mohamad and Vietnamese PM Nguyen Xuan Phuc on August 27. Photo: VGP

The two countries recorded the trade turnover of US$11.5 billion in 2018, up 13.2% on year with US$8.48 billion worth of Malaysian exports to Vietnam, according to Malaysian Ambassador to Vietnam Datuk Shariffah Norhana Syed Mustaffa. 

Vietnam’s main staples to Malaysia were crude oil, rice, coffee, and seafood while items imported from Malaysia included steel, petroleum, cooking oil, plastic material, spare parts, computers and electronic devices. 

Currently, Malaysia is Vietnam’s 6th biggest trade partner, according to Vietnamese Ambassador to Malaysia Le Quy Quynh.

 
The two PMs witness the signing of different agreements. Photo: VGP
The two PMs witness the signing of different agreements. Photo: VGP

Vietnam is Malaysia’s 10th biggest trade partner in the world, and fourth biggest trade partner in ASEAN after Singapore, Thailand and Indonesia, she told the New Straits Times.

Malaysia is Vietnam’s 8th biggest investor with investment amounting to US$12.48 billion in 586 projects as of 2018, the ambassador said. 

Malaysian investment in Vietnam focuses on real estate, energy, and processing industry while Vietnam is pouring US$1.53 billion into 19 projects in Malaysia, mainly on oil exploration and exploitation. 

The two sides are now drafting an agreement for the second five-year action program for the 2020-2025 period in order to raise the bilateral trade to US$25 billion in 2025.

The agreement is expected to be signed during Malaysian Prime Minister’s visit on August 26-28, the Dang Cong San newspaper reported.

 
The two sides inked agreement during the visit. Photo: VGP
The two sides inked agreements during the visit. Photo: VGP

Since 2015, the two countries agreed to enhance bilateral trade ties and improve the effectiveness of Malaysia-Vietnam trade cooperation. Both sides agreed to work closely together to increase bilateral trade value to US$15 billion or higher by 2020.

Accordingly, they vowed to undertake regular exchange of trade missions, trade fairs to promote bilateral trade, strengthen linkages between national trade promoting organizations, chambers of commerce and manufacturers associations to develop trade and market opportunities. 

Both sides also reaffirmed commitments in maintaining favorable conditions for investors of both countries to explore investment opportunities in each country.
Linh Pham
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