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A total of 14 Vietnamese companies have committed to source Malaysian products, including in the areas of electrical & electronics, food & beverages, as well as fast-moving consumer goods.
Malaysia's Ministry of Investment, Trade and Industry (MITI) has secured potential exports amounting to RM3.3bn from its three-day Trade & Investment Mission to Vietnam.
Covering Hanoi and Ho Chi Minh City from 8 to 10 July 2024, the mission was led by Minister of Investment, Trade and Industry YB Senator Tengku Datuk Seri Utama Zafrul Aziz, supported by senior representatives from the Malaysia External Trade Development Corporation (MATRADE) and Malaysian Investment Development Authority (MIDA).
On the visit, a total of 14 Vietnamese companies committed to source Malaysian products, including in the areas of electrical & electronics (E&E), palm oil, chemicals & petrochemicals, iron & steel, food & beverages, as well as fast-moving consumer goods.
The export commitments were made by various means including a business roundtable meeting with Vietnamese captains of industry, as well as one-on-one meetings between Vietnamese companies and the Minister of MITI in Ho Chi Minh City on 10 July 2024.
As affirmed in MITI's statement, this outcome – facilitated by MATRADE – reflects the growing momentum in economic ties between Malaysia and Vietnam, highlighting mutually beneficial opportunities for countries’ business communities.
Minister Zafrul said: "We are pleased with the RM3.3bn potential exports from our brief mission to Vietnam. The mission also serves as a catalyst for expanding and initiating strategic business-to-business partnerships between Malaysian and Vietnamese entities, while deepening bilateral cooperation between the two nations."
As the Minister further adds, the next thing is to "ensure that we follow up on realising these commitments quickly and efficiently to support our GDP growth and job opportunities for our people".
Apart from the above commitments, the mission also included the MITI Minister’s meeting with key state officials, including Vietnam’s Prime Minister, H.E. Phạm Minh ChÃnh; the Minister of Planning & Investment, H.E. Nguyen Chi Dzung and the Minister of Industry and Trade, H.E. Nguyen Hong Dien. The meetings were also facilitated by Malaysian Mission in Hanoi, led by the Malaysian Ambassador to Vietnam, H.E. Dato' Tan Yang Thai.
Other highlights on the trip include Tengku Zafrul and H.E. Nguyen Hong Dien also co-chairing the Fourth Malaysia-Vietnam Joint Trade Committee Meeting (4th JTC) in Hanoi on 9 July 2024, which followed the Senior Officials Meeting the previous day, also in Hanoi. Launched in 2009, the Malaysia-Vietnam JTC serves as a platform to discuss matters related to enhancing trade and investment ties for both countries.
The fourth JTC focused on several key deliverables to advance Malaysia-Vietnam economic ties, including:
- cooperation in the Halal Industry, where Malaysia would assist Vietnam on Halal standards, compliance assessment and accreditation;
- possible collaborations in Green Economy, such as in the Electric Vehicle (EV) sector between the Malaysia Automotive, Robotics and IoT Institute (MARii) and potential partners from the Vietnamese public and private sectors; as well as
- renewable energy, particularly offshore and onshore wind power.
MITI also raised the topic of Malaysia’s ASEAN Chairmanship in 2025, with Vietnam expressing their support to Malaysia in propelling ASEAN’s economic integration efforts through the Priority Economic Deliverables (PEDs) during Malaysia’s hosting year.
As shared in MITI's statement, Vietnam was Malaysia’s 11th largest trading partner in 2023, while Malaysia was Vietnam’s 10th largest trading partner globally. Trade volume between Malaysia and Vietnam totalled USD17.38bn (RM79.42bn) in 2023, spanning diverse sectors such as manufacturing, agriculture, and services.
Notably, Vietnam is also an important investment destination for Malaysia, particularly in real estate development, utilities, financial services, and manufacturing — as of 2023, Malaysia registered 717 projects in Vietnam with a total investment value of USD13.1bn.
Lead image / Minister of Investment, Trade and Industry YB Senator Tengku Datuk Seri Utama Zafrul Aziz
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