Vietnam, Malaysia target trade turnover of US$20 billion

11:03 | 08/10/2019 Vietnam - Asean

(VEN) - On the occasion of the official visit to Vietnam from August 26-28 by Malaysian Prime Minister Mahathir Mohamad, the two countries agreed to raise bilateral trade to US$20 billion as soon as possible, while promoting investments in areas of high potential.

PM Nguyen Xuan Phuc (right) and his Malaysian counterpart Mahathir Mohamad - Photo: Phu Do

Vietnam and Malaysia established diplomatic relations in 1973. Over the past 46 years, the traditional and multifaceted friendly relations between the two countries have been constantly strengthened and developed. The two sides regularly exchange delegations and conduct high-level contacts. The upgrading to the strategic partnership in 2015 has contributed to promoting economic, trade and investment cooperation between the two countries.

Bilateral trade turnover reached US$11.5 billion in 2018, an increase of 13.2 percent compared to the previous year, with Vietnam’s exports being crude oil, rice, coffee, and seafood, and Vietnam’s imports being steel and iron, petroleum, vegetable and animal oils and fats, machinery and equipment, computers, and electronic products.

Regarding investment, as of April 2019, Malaysia had 586 investment projects in Vietnam with total registered capital of US$12.4 billion, ranking eighth among the 130 countries and territories investing in the country. Malaysia’s investment projects in Vietnam have mainly focused on the processing industry and real estate. Vietnam has 19 investment projects in Malaysia with total capital of US$1.53 billion.

Vietnamese Prime Minister Nguyen Xuan Phuc said at the meeting with his Malaysian counterpart that Vietnam and Malaysia would make greater efforts to reach US$20 billion in trade turnover as soon as possible.
On the Malaysian side, PM Mahathir Mohamad said he also expected increased trade turnover, through the imports of more Vietnamese goods.

In addition to promoting bilateral trade turnover, the two sides also agreed to encourage investments in infrastructure, energy, tourism, high-tech agriculture, fisheries, transport and logistics. The two governments are committed to creating favorable conditions for businesses to seek new cooperation opportunities, PM Phuc said.

The two sides also affirmed their determination to deepen strategic cooperation in national defense and security, and strengthen partnership in marine cooperation, innovation, science, education and labor.

The two PMs agreed to coordinate closely to promote the building of an ASEAN Community of unity and uphold the bloc’s central role in the regional architecture for the sake of peace, stability, cooperation and development.

The official visit to Vietnam from August 26-28 by Malaysian Prime Minister Mahathir Mohamad contributed to

promoting the Vietnamese-Malaysian strategic partnership to new heights.

Thu Phuong