Malaysia to boost exports to Vietnam
The Malaysian Ministry of Investment, Trade and Industry (MITI) on July 11 announced that the country has secured potential exports worth 3.3 billion RM (about 717 million USD) to Vietnam.
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| Palm oil is one of the Malaysian products exported to Vietnam. (Source: NST) |
The announcement was made following a visit to Vietnam from July 8 to 10 by MITI Minister Utama Zafrul Tengku Abdul.
MITI said 14 Vietnamese companies have committed to sourcing Malaysian products, including electrical and electronics, palm oil, chemicals and petrochemicals, iron and steel, food and beverages, as well as fast-moving consumer goods. The commitments were made at roundtables between Vietnamese corporations and the Malaysian minister in Ho Chi Minh City and Hanoi.
Minister Zafrul said that Malaysia is pleased with the 3.3 billion RM potential exports from its brief mission to Vietnam, adding MITI will follow up on the realisation of these commitments to support the gross domestic product growth and create job opportunities for people.
He emphasised that the visit’s results reflect the growing momentum in economic ties between the two countries, highlighting mutually beneficial opportunities for their business communities.
According to a statement that MITI released on July 11, during his Vietnam visit, Tengku Zafrul had meetings with Vietnamese Prime Minister Pham Minh Chinh, Minister of Planning and Investment Nguyen Chi Dung, and Minister of Industry and Trade Nguyen Hong Dien. Tengku Zafrul and Dien also co-chaired the fourth meeting of the Malaysia-Vietnam Joint Trade Committee in Hanoi on July 9.
Last year, Vietnam was Malaysia’s 11th largest trading partner while Malaysia was Vietnam’s 10th largest globally, with a total trade volume of 17.38 billion USD.
Vietnam is also an important investment destination for Malaysia, especially in real estate, utilities, financial services and manufacturing. As of 2023, Malaysia registered 717 projects in Vietnam with total investment of 13.1 billion USD.
(Source: VNA)
