Malaysia steps up trade promotion in Vietnam

Illustrative image (Photo: VNA)

HCM City – Vietnam and Malaysia still have large room to step up trade cooperation in such fields as food, beverages, and personal care products, heard the Malaysia-Vietnam Trade Promotion Programme held by the Malaysia Trade Office in Vietnam (Matrade) in Ho Chi Minh City on November 23.

Speaking at the event, Malaysian Consul General in HCM City Wong Chia Chiann said that amidst the COVID-19 pandemic, promoting trade and connecting with partners through digital platforms and online trade exchange programmes are effective solutions for the two sides to shorten their distance and maintain regular cooperation.

According to her, Malaysian exporters pay attention to the Vietnamese economy thanks to its GDP growth of 2.91 percent in 2021, economic reforms during the pandemic, and the 100 million-strong population.

As Vietnam has basically overcome the fourth wave of COVID-19 outbreaks and is in its economic recovery process, it is a good chance for Malaysian businesses to cooperate with Vietnamese partners to speed up both countries’ economic recovery, she said.

Raphy MD Radzi, Trade Commissioner of Matrade in HCM City said the trade promotion programme aimed to link Malaysian exporters with Vietnamese enterprises in the form of strategic business cooperation, in order to promote bilateral trade between the two countries.

It is also part of Matrade's initiatives to support the commitment of both governments to raise two-way trade to 18 billion USD by 2025, he added.

During the programme which lasts until the end of November 25, 17 Malaysian businesses are expected to introduce smart solution platforms and automated machines, personal care products, and instant meals and beverages.

Around 150 online business meetings with 50 Vietnamese companies will also be organised within the framework of the event.

As of October 2021, Malaysia had run 664 projects worth over 13 billion USD, ranking eighth among foreign investors in Vietnam. In the first ten months of 2021, two-way trade hit 10.16 billion USD, up 23.2 percent year-on-year, of which Vietnam's exports were valued at 3.51 billion USD, an increase of 24.9 percent.