Vietnam, Malaysia Create Favorable Investment Opportunities for Businesses

Delegates pose for a group photo. Photo: HUFO

The Ho Chi Minh City Union of Friendship Associations (HUFO), th June HCM City's Vietnam - Southeast Asia Friendship Association, Vietnam - Malaysia Friendship Association coordinated with the Consulate General of Malaysia and the Malaysia Trade Section (MATRADE) of the Consul General in HCM City organized a business meeting program.

This activity is part of the series of events Malaysia Madani Week held in the city, on the occasion of the 50th anniversary of the establishment of diplomatic relations between Malaysia and Vietnam, in order to contribute to supporting the city's businesses to carry out trade promotional activities and investment with Malaysia, as well as create favorable conditions for Malaysian businesses to do business the city and vice versa.

Attending the event on the Malaysian side were Malaysian Ambassador to Vietnam Dato Tan Yang Thai; Consul General Wong Chia Chiann; Chairman of Malaysian Business Association in Vietnam Dato Bee Han Theng, and more than 40 businesses representing more than 30 businesses in the fields of commerce, banking, healthcare, tourism, education, banking, and other important fields.

On the Vietnamese side, there was HUFO President Do Viet Ha; HUFO Vice President Ho Xuan Lam; President of the HCM City's Vietnam - Southeast Asia Friendship Association Phan Thi Hong Xuan, President of the city's Vietnam - Malaysia Friendship Association Tran Ngoc Son, and more than 30 Vietnamese enterprises.

At the event, Assoc. Prof. Dr. Phan Thi Hong Xuan, said that the Malaysian business delegation led by the Consul General of Malaysia came to HCM City with the witness of the Ambassador to understand the market and promote trade within Madani Malaysia Week is a testament to the good relationship between the two countries.

Deputy Director in charge of the Investment and Trade Promotion Centre of HCM City (ITPC) Tran Phu Lu emphasized that Vietnam and Malaysia still have a lot of potential to further promote economic, trade and investment cooperation.

HCM City will continue to promote administrative reform, creating all favorable conditions for business investors, at the same time researching and implementing policies, supporting the domestic and foreign business community to develop products. new services and improve the competitiveness of products.

Bilateral trade reached nearly USD 14.8 billion last year with Vietnamese exports to Malaysia worth USD 5.57 billion and imports USD 9.1 billion. In which, HCM City’s total imports and exports with Malaysia last year were estimated at over USD 5.4 billion, up 8% year-on-year.

As of the end of March, Malaysia invested in 329 projects in HCM City with a total investment of nearly USD 4.9 billion, ranking sixth out of 116 countries and territories investing in the city.

Malaysia is one of Vietnam’s 10 largest trading partners. The two countries are also members of a number of new-generation free trade agreements, which help boost bilateral trade.

"ITPC will organize the implementation of trade and investment promotion activities, support HCM City businesses to expand the market, play the role of one of the bridges, coordinate with relevant agencies to deploy the trade and investment promotion activities with Malaysia, creating favorable conditions for Malaysian businesses and vice versa," Lu highlighted.

On this occasion, Commercial Consul Rosmizah Binti Mat Jusoh, shared her experience of cooperation, introduced investment incentives in Malaysia, and pledged to support the two countries' businesses to promote trade, connect and cooperate.

Many Malaysian businesses also expressed their desire to find long-term business and investment partners in Vietnam.

One of the highlights of the program was that the representative of a Vietnamese business - Mai Hoa Group Joint Stock Company gifted the Malaysian diplomats, a painting of bio-ink printing on nano air-purity paper. Its has the feature of self-absorbing deodorization and continuous air purification, especially without using electricity.

Representative of Vietnamese enterprises presents paintings to Malaysian Ambassador to Vietnam Dato Tan Yang Thai. Photo: HUFO

The second painting is presented to Consul General Wong Chia Chiann. Photo: HUFO

The image of the five-petaled Bunga raya (Hibiscus Rosa-Sinensis) - Malaysia's national flower and the lotus - Vietnam's national flower is also a message of "peace - solidarity - friendship" on the basis of culture and understanding sent to Malaysian friends to celebrate 50 years of bilateral relations.

Lotus products from Dong Thap Lotus Tea Company, vegetarian dishes from a vegetarian restaurant that have just won a Michelin star, were also introduced to the delegates attending the event.

Through the program, the businesses of the two countries are expected to find suitable potential partners and new import-export cooperation opportunities, contributing to further promoting strategic partnership between the two countries in general as well as the good cooperative relationship between Malaysia and HCM City in particular in the ASEAN community.

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