More Malaysian investment encouraged

Deputy Prime Minister Hoang Trung Hai made the commitment at a Vietnam-Malaysia business meeting in Hanoi on October 18.

Hai emphasised the future potential for Vietnam-Malaysia cooperation, especially considering Vietnam’s free trade agreement negotiations with six economic centres and the ongoing efforts towards establishing the ASEAN Community by 2015.

He said bilateral economic and investment ties have developed substantially over the years, affirming Malaysia is one of Vietnam’s most important ASEAN partners, pouring more than US$10 billion into 444 Vietnam-based projects.

Vietnam also invested more than US$700 million in 10 projects in Malaysia.

The forum marks the 40th anniversary of bilateral diplomatic ties. Vietnam considers it a valuable opportunity to promote recent investment environment improvements to interested foreign parties.

Malaysian Deputy Prime Minister Tan Sri stressed the importance Malaysia attaches much to its relationship with Vietnam, especially in economics.

He said Malaysian businesses accompanying him on his visit are eager to explore investment projects in Vietnam, describing it as one of the Malaysian business community’s prioritised destinations for expansion.

Both countries’ business representatives seized the chance to meet with the two Government leaders and discuss trade and investment policies, set targets and development goals, and specific projects.

Malaysian businesses were particularly enthusiastic regarding Vietnamese oil and gas, information technology, energy, construction, agriculture, and banking.

The two Deputy PMs and other managers answered queries concerning bilateral commitments and agreements, administrative procedures, investment licenses, and land policies.

Vietnam-Malaysia two-way trade turnover is approaching US$8 billion with an average annual growth of 15–17 percent. Vietnam’s 2012 exports to Malaysia rose 54% to US$5.2 billion.