Vietnam, Malaysia Target $18 Billion in Two-Way Trade

Vietnam and Malaysia have agreed to raise bilateral trade to $18 billion by 2025.

Rosy Huong

huongthhd@gmail.com November 16, 2021 | 07:53

Foreign Minister Bui Thanh Son co-chairs the sixth session of the Vietnam - Malaysia Joint Commission for Economic, Scientific and Technological Cooperation from Hanoi. Photo: MOFA

Vietnamese Minister of Foreign Affairs Bui Thanh Son and his Malaysian counterpart Saifuddin Abdullah co-chaired the sixth meeting of the Vietnam – Malaysia Joint Commission for Economic, Scientific and Technological Cooperation on November 15.

The two sides reviewed the implementation of the action programme for the 2017-2019 period in all areas, and discussed orientations and focus of cooperation to lift the strategic partnership between Vietnam and Malaysia in a more practical manner, VietnamPlus said.

They agreed to adopted the action programme for the 2021-2025 strategic partnership with major orientations to effectively tap each country’s potentials and strengths.

The two countries will strive to raise the bilateral trade to $18 billion by 2025. They also agreed to recognise each other's “vaccine passports” soon.

Son suggested Malaysia create favourable conditions for Vietnamese firms to export farm produce to the country, help Vietnam develop Halal food industry, receive more Vietnamese workers and simplify relevant procedures when conditions allow.

The Malaysian FM, for his part, said that Malaysia wishes to effectively boost ties with Vietnam – the only strategic partner of Malaysia in ASEAN. He agreed with Vietnam’s proposals and proposed the two nations’ ministries and agencies soon discuss celebrations for the 50th anniversary of bilateral diplomatic ties (2023).

He suggested Vietnam import more palm oil from Malaysia and offer support to Malaysia to open international education establishments in the country.

The virtual meeting, co-chaired by Malaysian Foreign Minister Datuk Saifuddin Abdullah and his counterpart Bui Thanh Son, paved the way for the enhancement of bilateral cooperation and reinvigorate Malaysia-Vietnam ties affected by the Covid-19 pandemic. — Bernama

Malaysian Foreign Minister Datuk Saifuddin Abdullah. Photo: Bernama

The two sides consented to offer mutual support and work closely together at regional and global forums, especially at the United Nations, ASEAN and ASEAN-led mechanisms. They vowed to tap opportunities and benefits from new-generation free trade deals such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

They underlined the importance of maintaining peace, stability, security, maritime and aviation safety and freedom in the South China Sea (Bien Dong Sea), settling disputes by peaceful measures in line with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

They also expressed support for serious and full implementation of the Declaration on the Conduct of Parties in the South China Sea (DOC), and negotiations towards reaching an effective, efficient Code of Conduct in the South China Sea (COC) in accordance with international law, including the 1982 UNCLOS.

Concluding the event, the two ministers signed the meeting's minutes and agreed to hold the seventh meeting in Vietnam at a convenient time for both sides./.

Vietnam, Malaysia Target $18 Billion in Two-Way Trade

Trade between Vietnam and Malaysia in 2019 was worth $11.1 billion. Photo: VNA

Trade between Vietnam and Malaysia in 2019 was worth $11.1 billion, with Vietnam’s exports being $3.8 billion, or 15% of Vietnam’s total export to ASEAN member countries, according to Viet Nam News.

It is expected that by 2030 the global Halal industry will be worth $30.6 trillion, including $1.1 trillion in the Asia Pacific region, with Malaysia accounting for $228.5 billion

Vietnam exports computers, electronic products and parts, mobile phones, iron and steel, glass products, vehicles, garments and textiles, and wood and timber products to Malaysia, and imports petroleum, electronic components, plastics, chemicals, and textiles from it.

Malaysia also has great demand for farm produce such as rice, fruits, vegetables, and pepper, office clothes, seafood, footwear, office furniture, in which Vietnam has strengths.

It is among the largest rice importers in ASEAN, with annual demand at 900,000-1 million tonnes.

In 2019, Vietnam surpassed Thailand to become Malaysia’s largest rice supplier with shipments worth nearly $219 million.

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