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Malaysia – Vietnam’s potential post-COVID-19 export market

07:08 | 17/07/2020

On July 16th, the Investment & Trade Promotion Centre of Ho Chi Minh City (ITPC) organised a seminar about "Malaysia - Potential export market of Vietnamese enterprises after Covid-19".

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"Malaysia - Potential export market of Vietnamese enterprises after Covid-19" seminar.

At the seminar, experts provided general information about the Malaysian market and its import trends, at the same time introduced programs to support businesses to boost exports after Covid-19, namely the Vietnamese products exhibition and the Meeting with buyers in Malaysia in 2021.

According to ITPC, Ho Chi Minh City is a locality with high terms of trade with Malaysia compared to the whole country. In 2019, the city's export value to Malaysia reached 776.6 million USD, accounting for more than 20% of Vietnam's total export value to this market. In the opposite direction, the value of imports from Malaysia into the city reached about US $ 2 billion, accounting for about 27.3% of the country's total import value from Malaysia.

In 2016, Malaysia has officially surpassed Singapore to become the second-largest trading partner of Vietnam in ASEAN after Thailand. In 2019, the total import-export value between Vietnam and Malaysia reached 11.122 billion USD, down 3.4% compared to 2018, accounting for 19.3% of the total import-export value of Vietnam with ASEAN member countries. In particular, Vietnam's export to Malaysia reached nearly US $ 3.8 billion, down 6.8% compared to 2018, accounting for 15% of the country's total export value to ASEAN countries. Malaysia became the third-largest export market of Vietnam in ASEAN after Thailand and Cambodia.

Due to the severe impact of the COVID-19 pandemic, in the first 6 months of 2020, Vietnam's export value to Malaysia decreased by 17.4% compared to the same period in 2019, reaching over $1.6 billion. Particularly for rice export, Malaysia has always been one of the countries with large import demand among ASEAN countries, varying from 900 thousand to one million tons depending on domestic production capacity and reserves.

In 2019, Vietnam surpassed Thailand to become the major rice supplier to Malaysia with a turnover of nearly 219 million USD, accounting for 5.8% of Vietnam's total export value to Malaysia.

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