President asks for specific measures to reach trade target with Malaysia

08:39 | 09/12/2016 Events

Vietnam and Malaysia should work out specific, practical measures to achieve their trade target of US$15 billion by 2020, President Tran Dai Quang has said.

President Tran Dai Quang meets with Malaysian Minister of International Trade and Industry Datuk Seri Mustapa Mohamed (Photo: VNA)

Visiting Malaysian Minister of International Trade and Industry Datuk Seri Mustapa Mohamed expressed agreement with that view during his meeting with the President in Hanoi on December 8.

The President hailed the roundtable talks of 100 Vietnamese and Malaysian businesses held earlier in the day, stating that Vietnam pays heed to fostering its relations with the regional country, especially in economics, trade and investment.

He affirmed that Malaysia-funded projects have contributed significantly to Vietnam’s socioeconomic development.

Malaysia ranked second among ASEAN member countries investing in Vietnam with US$12 billion mostly in oil and gas, real estate, trade and services. Trade between Malaysia and Vietnam hit US$8 billion in 2015. Last August, Malaysia’s CIMB bank was licensed to establish a Vietnam unit.

President Tran Dai Quang and Minister MustapaMohamed discussed and agreed on measures to step up the two countries’ strategic partnership.

The President suggested reorganising the meeting of the Vietnam-Malaysia Joint Committee as soon as possible and outlining a plan to implement the Vietnam-Malaysia Action Plan for 2017-2019.

He stressed that the strategic partnership allowed the two countries to make progress in their political, economic, trade, investment, defence, security, oil and gas, education, tourism and people-to-people ties.

He expressed his hope for Malaysia’s support for Vietnam’s successful hosting of APEC 2017 and the two countries’ increased consultation and backing at multilateral forums and regional and global cooperative mechanisms.

Minister Mustapa Mohamed stated that Malaysia wants to take cooperation with Vietnam to the next level, especially in trade, and expects to draw more Vietnamese investors and businesses.

He affirmed that Malaysia highly values Vietnam’s role and position in regional and global cooperative mechanisms and wants to work together with Vietnam within ASEAN and other forums.

Malaysia will support Vietnam’s organisation of the APEC Year 2017, he said.