Vietnam, Malaysia seek to beef up trade ties

Malaysia External Trade Development Corporation (MATRADE) Director of ASEAN and Oceania Raja Badrulnizam Raja Kamalzaman (Photo: VNA)

Despite difficulties and challenges caused by the COVID-19 pandemic, Vietnam - Malaysia trade has recorded positive signals, potentially achieving a two-way turnover of 18 billion USD in 2025, according to Malaysia External Trade Development Corporation (MATRADE) Director of ASEAN and Oceania Raja Badrulnizam Raja Kamalzaman.

Talking to the Vietnam News Agency on the occasion of the upcoming official visit to Vietnam by Malaysian Prime Minister Dato' Sri Ismail Sabri bin Yaakob on March 20-21, Raja Badrulnizam said Vietnam is the 11th biggest trade partner and the 7th largest export market of Malaysia.

According to the Department of Statistics Malaysia (DOSM), the bilateral trade reached 16.71 billion USD last year, up 41.6 percent compared to 2020.

The figures show a positive development since the two countries established diplomatic relations in 1973 and upgraded their ties to a strategic partnership in 2015.

Raja Badrulnizam revealed that his country’s trade has improved exponentially with a remarkable mark on trade, export and import.

He affirmed that the Regional Comprehensive Economic Partnership (RCEP) which entered into force in early 2022, in which both Malaysia and Vietnam completed their ratification process, will contribute to boosting the bilateral trade.

To promote the Malaysia - Vietnam trade, especially to increase Malaysia's exports to the Vietnamese market in particular and regional countries in general, MATRADE has set out three agendas in combination with creating favourable conditions for Malaysian businesses to invest and export abroad, he added.

The agendas focus on building a sustainable business environment, digitising trade activities, and implementing specific initiatives on the basis of Malaysia’s national trade master plan.

The official invited Vietnamese businesses to participate in the 18th Malaysia International Halal Showcase (MIHAS) 2022 which will take place from September 7-10.

As the world's largest Halal exhibition centre, MIHAS will be the best opportunity for Vietnamese companies to expand their Halal market, he noted./.