Miti reports RM3.3 bil potential exports from Vietnam’s trade, investment mission

KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) has reported potential exports worth RM3.3 billion from the three-day trade and investment mission to Vietnam from July 8-10, 2024.

The mission was led by MITI Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, supported by senior

representatives from Malaysia External Trade Development Corporation (MATRADE) and Malaysian Investment Development Authority (MIDA).

In a statement today, Tengku Zafrul said the mission serves as a catalyst for expanding and initiating strategic business-to-business partnerships between Malaysian and Vietnamese entities while strengthening bilateral cooperation between the two nations.

“We are pleased with the RM3.3 billion potential exports from our brief mission to Vietnam. The next thing is to ensure that we follow up on realising these commitments quickly and efficiently to support our gross domestic product growth and create job opportunities for our people,” he said.

MITI said 14 Vietnamese companies have committed to sourcing Malaysian products, including electrical and electronics, palm oil, chemicals and petrochemicals, iron and steel, food and beverages, as well as fast-moving consumer goods.

“The encouraging outcome facilitated by MATRADE reflects the growing momentum in economic ties between Malaysia and Vietnam, highlighting mutually beneficial opportunities for business communities in both countries,” it said.

During the trade mission, Tengku Zafrul also met with key state officials, including Vietnam’s Prime Minister, Phạm Minh Chính; Minister of Planning and Investment, Nguyen Chi Dzung and Minister of Industry and Trade, Nguyen Hong Dien.

The meetings were facilitated by the Malaysian Mission in Hanoi, led by the Malaysian Ambassador to Vietnam, Datuk Tan Yang Thai, said MITI.

Tengku Zafrul and Nguyen Hong Dien also co-chaired the Fourth Malaysia-Vietnam Joint Trade Committee Meeting (4th JTC) in Hanoi on July 9, which was preceded by the Senior Officials Meeting on July 8.

“The 4th 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.

“The meeting also discussed possible collaborations in green economy, such as in the electric vehicle sector between the Malaysia Automotive, Robotics and IoT Institute and potential partners from the Vietnamese public and private sectors; as well as renewable energy, particularly offshore and onshore wind power,” it said.

The parties also spoke about Malaysia’s ASEAN Chairmanship in 2025.

“Vietnam expressed its support to Malaysia in propelling ASEAN’s economic integration efforts to greater heights through the Priority Economic Deliverables (PEDs) during Malaysia’s hosting year,” it added.

Last year, Vietnam was Malaysia’s 11th largest trading partner while Malaysia was Vietnam’s 10th largest trading partner globally, with a total trade volume of US$17.38 billion (RM79.42 billion). – BK