Vietnam, Malaysia to deepen economic cooperation

Vietnam and Malaysia would further deepen economic cooperation, particularly in digital-, circular-, green- and sharing economies.

Prime Minister Pham Minh Chinh and his Malaysian counterpart Anwar Ibrahim. Photos: Nhat Bac

The view was shared during the meeting between Prime Minister Pham Minh Chinh and his Malaysian counterpart Anwar Ibrahim on July 20.

Prime Minister Chinh emphasized the historical significance of the Malaysian Prime Minister's visit as both countries celebrated the 50th anniversary of their diplomatic relations established in 1973.

Chinh congratulated Malaysia on its remarkable achievements, particularly the impressive GDP growth in 2022, the highest in 22 years. He expressed confidence in Malaysia's successful implementation of the "Malaysia Mandani" strategy initiated by the Prime Minister, which aims to transform the country into a high-income nation with sustainable development.

At the meeting, Ibrahim praised Vietnam's remarkable socio-economic recovery and development after the challenging times of the Covid-19 pandemic. He extended a cordial invitation to Prime Minister Chinh to visit Malaysia.

Both Prime Ministers expressed their satisfaction with the progress of bilateral relations, particularly since the elevation to a strategic partnership in 2015. They highlighted the strengthened political and diplomatic ties through regular exchanges of delegations at all levels and the successful functioning of the Joint Committee on Economic, Scientific, and Technical Cooperation, co-chaired by the Foreign Ministers of both nations.

Overview of the meeting.

Malaysia holds a significant position as Vietnam's second-largest trading partner within ASEAN and ranks ninth globally. Additionally, it is among the top ten countries with the most substantial investments in Vietnam. Notably, bilateral cooperation in areas like tourism, labor, and education, which were heavily impacted by the Covid-19 pandemic, have experienced robust recovery.

Looking ahead, both countries have agreed to strengthen the exchange of delegations and high-level contacts across various channels, including the Party, State, Government, and Parliament.

Vietnam and Malaysia will expedite the implementation of previously signed specialized cooperation mechanisms, targeting a bilateral trade turnover of $18 billion by 2025, with a focus on balancing trade and minimizing the use of trade barriers.

There will be efforts to facilitate the import and export of key products like agricultural and aquatic goods, food, electronic components, and construction materials. The two countries also seek to capitalize on opportunities from regional trade agreements, such as RCEP and CPTPP, and expand cooperation in the digital, circular, green, and sharing economy sectors.

Chinh assured Malaysia of Vietnam's readiness to provide a stable and long-term rice supply. In return, Vietnam requested Malaysia's support in developing the Halal industry and expressed interest in signing a cooperation document.

Both leaders also committed to enhancing cooperation in defense and security. The two countries aim to sign relevant documents and promote collaboration in defense industry and training.

Establishing a cooperation mechanism between the two navies, air forces, and coast guards is a priority, and the two plan to work together in preventing and combating terrorism and transnational crimes.

Vietnam and Malaysia emphasize their joint efforts in countering terrorist and crime organizations and reiterate their commitment not to allow individuals or organizations to use their respective territories against each other.

During their meeting, the two Prime Ministers underscored the significance of sea and ocean cooperation and expressed their willingness to establish a consultation mechanism on maritime issues. They also considered setting up a hotline to combat illegal, unreported, and unregulated (IUU) fishing.

The two leaders witness the signing of cooperation agreements between the two countries.

Chinh requested Malaysia's support in removing the European Commission's yellow card for Vietnam's seafood industry, indicating a commitment to sustainable fishing practices.

Furthermore, both leaders agreed to continue enhancing cooperation in various sectors. They discussed the possibility of signing new agreements on aviation and tourism to increase flight frequency between the countries. Additionally, they aimed to boost collaboration in education, training, labor, agriculture, culture, and sports.

Chinh expressed gratitude and suggested that Malaysia continue providing favorable conditions for the Vietnamese community to live, work, and study in Malaysia permanently. He also emphasized the importance of supporting the Malaysia-Vietnam Friendship Association to facilitate people-to-people exchanges between the two nations.

Regarding multilateral and regional cooperation, both sides highly appreciated their regular coordination and mutual support for each other's candidacy for international organizations. They agreed to collaborate with other ASEAN countries to ensure unity and solidarity within ASEAN, proposing initiatives to advance the priorities of ASEAN for the year 2023. Prime Minister Chinh reaffirmed his support for Malaysia's successful assumption of the role of ASEAN Chair in 2025.

Both Prime Ministers committed to maintaining ASEAN's unified stance on the East Sea issue and continuing to coordinate the negotiation of the Code of Conduct (COC) in the next phase. They aimed to actively contribute to the establishment of a substantive and effective COC, by international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

After their talks, the two Prime Ministers witnessed the signing of two documents between their countries, namely the Minutes of Agreement of the 7th session of the Joint Committee on Economic, Scientific, and Technical Cooperation and a Memorandum of Understanding between the Vietnam Chamber of Commerce and Industry (VCCI) and the Malaysian National Chamber of Commerce and Industry.