Developing Vietnam-Malaysia Trade Cooperation

The Regional Comprehensive Economic Partnership (RCEP) will come into effect in 2022. In which, Malaysia and Vietnam have completed the ratification process, contributing to strengthening trade between the two countries.
March 20, 2022 | 08:32
Developing Vietnam Malaysia Trade Cooperation
Raja Badrulnizam Raja Kamalzaman, director for ASEAN and Oceania at Malaysia External Trade Development Corporation (MATRADE). Photo: VNA

Despite Covid-19, trade activities between Vietnam and Malaysia showed positive signs. Trade activities between the two countries will achieve the target of bilateral turnover of US$18 billion by 2025.

Raja Badrulnizam, director for ASEAN and Oceania at Malaysia External Trade Development Corporation (MATRADE), said that according to the Malaysian Bureau of Statistics, bilateral trade turnover last year reached US$16.71 billion, up 41.6% compared to 2020.

Specifically, the amount of goods exported from Malaysia to Vietnam reached nearly US$11 billion, up 47%; Malaysian goods imported from Vietnam were worth US$6 billion, an increase of 32%.

Currently, Vietnam is the 11th trade partner in Malaysia's 7th largest export market. The two countries are working towards the goal of reaching US$25 billion by 2030.

The figures show a positive and encouraging development since the two countries established diplomatic relations in 1973 and upgraded to a strategic partnership in 2015.

He said that in 2011, Vietnam was the 14th trading partner of Malaysia with a total turnover of more than US$7 billion, the 15th largest export market of Malaysia (total value of goods reached nearly US$4 billion).

Sharing the results of trade activities in 2021, Raja Badrulnizam said that Malaysia's trade has improved with remarkable export and import marks.

The total trade value surpassed US$537.18 billion for the first time, of which the export value amounted to more than US$299 billion, achieving 99% of the set target. The trade surplus also reached a historic level of US$60.51 billion, up 37.7% compared to 2020.

Developing Vietnam-Malaysia Trade Cooperation
Photo: vietnamexport

Raja Badrulnizam said that the Regional Comprehensive Economic Partnership (RCEP) would strengthen trade between the two countries.

He said that to strengthen bilateral trade increase Malaysia's exports to the Vietnamese market, particularly and regional countries, MATRADE has set out three agendas to create favorable conditions for Malaysian businesses to invest and export abroad.

Raja Badrulnizam has invited Vietnamese businesses to participate in the 18th Malaysia International Halal Showcase (MIHAS) from September 7-10.

According to Raja, as the world's largest Halal Showcase, MIHAS is the best opportunity for Vietnamese businesses to expand their market or source Halal products and services.

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