Conference held to boost Vietnam-Malaysia economic links

Thursday, 2016-12-08 10:43:47
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The Vietnam-Malaysia business roundtable conference held in Hanoi on December 8. (Credit: VNA)
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NDO/VNA – A Vietnam-Malaysia business roundtable conference was held in Hanoi on December 8, aiming to open up opportunities for the business communities of the two countries to meet and network.

Vietnam’s Deputy Minister of Industry and Trade Do Thang Hai told the event that despite potential and advantages for long-term cooperation, trade exchange between the two countries has not met potential.

The Deputy Minister affirmed Vietnam can ensure the stable supply of agricultural products such as rice, tea, coffee, seafood, and pepper for Malaysia on a long-term basis.

Hai also recommended a number of solutions to boost economic-trade ties between the two countries. First of all, the two governments should review trade rules and remove barriers relating to administrative procedures, customs, standards and quarantine.

The two sides need to boost the sharing of experience and technology transfer in the fields of energy, oil and gas, mechanical manufacturing and agro-fishery product processing.

He suggested cooperating to develop value chains in oil and gas, agriculture, seafood, footwear, garment and textile, and support industry.

Malaysian Ambassador to Vietnam Zamruni Khalid said the embassy will assist enterprises of both countries in establishing partnerships.

Zafrul Tengku Abdul Aziz, President of the Kuala Lumpur Business Club, expressed his wish that Vietnamese enterprises would consider visiting Malaysia to seek investment opportunities.

According to the MoIT, Vietnam-Malaysia two-way trade value in 2016 is expected to reach US$8.1 billion, up 4.3% against 2015, of which Vietnam’s exports are estimated at US$3.2 billion.

In terms of investment, Malaysia topped the list of the seven ASEAN countries investing in Vietnam in 2015 with 29 new projects. Malaysian enterprises have mainly invested in oil and gas, automobile, production industry, healthcare, and financial services and real estate and goods distribution.