Vietnam, Malaysia coordinate in trade defence

Illustrative image (Source: VNA)

Vietnamese Minister of Trade and Industry Vu Huy Hoang and Malaysian Minister of International Trade and Industry Dato’Sri Mustapa Mohamed came to the agreement during a Vietnam-Malaysia Joint Trade Committee meeting.

This meeting, the committee’s second, was held on the margins of the 19th ASEAN Economic Ministers’ Retreat in Hanoi on March 7.

Hoang said that cooperation in trade and economics was discussed during the meeting to promote and utilise mutual potential.

The two sides realised the importance of trade policies and discussed cooperation in investment, trade, industry and agriculture, as well as publicising business regulations, especially in the context that the two economies are joining force to build an ASEAN economic community by 2015.

Hoang stressed that the bilateral relationship has matured since the first meeting of the Vietnam-Malaysia Joint Trade Committee in September, 2011.

Bilateral political relations were marked by high-ranking visits, including President Truong Tan Sang’s trip to Malaysia in September 2011, and the meeting between Prime Minister Nguyen Tan Dung and his Malaysian counterpart on the margins of the 21st ASEAN Summit in Cambodia last November.

Celebrating the 40th anniversary of the Vietnam-Malaysia diplomatic ties, the two countries have also organised minister-level visits this year, with a total of 13 agreements in trade, investment, science and technology, and telecommunications signed.

Accordingly, bilateral trade turnover from 2009 to 2012 grew by 24 per cent each year, up to $7.9 billion in 2012.

In 2012, Malaysia ranked 8th of 92 countries and territories and the 2nd of the Southeast Asian nations with FDI in Vietnam – 428 projects worth a total of $10.1 billion.

Last year, Vietnam exported goods valued at $4.5 billion to Malaysia, a year on year increase of 56 percent, and imported $3.4 billion of goods from the country.-VNA