Malaysia to boost exports to Việt Nam

Palm oil is one of the Malaysian products exported to Vietnam. — Photo NST

KUALA LUMPUR — The Malaysian Ministry of Investment, Trade and Industry (MITI) on July 11 announced that the country has secured potential exports worth 3.3 billion RM (about US$717 million) to Việt Nam.

The announcement was made following a visit to Việt Nam from July 8 to 10 by MITI Minister Utama Zafrul Tengku Abdul.

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 commitments were made at roundtables between Vietnamese corporations and the Malaysian minister in HCM City and Hà Nội.

Minister Zafrul said that Malaysia is pleased with the 3.3 billion RM potential exports from its brief mission to Việt Nam, adding MITI will follow up on the realisation of these commitments to support the gross domestic product growth and create job opportunities for people.

He emphasised that the visit’s results reflect the growing momentum in economic ties between the two countries, highlighting mutually beneficial opportunities for their business communities.

According to a statement that MITI released on July 11, during his Việt Nam visit, Tengku Zafrul had meetings with Vietnamese Prime Minister Phạm Minh Chính, Minister of Planning and Investment Nguyễn Chí Dũng, and Minister of Industry and Trade Nguyễn Hồng Diên. Tengku Zafrul and Diên also co-chaired the fourth meeting of the Malaysia-Việt Nam Joint Trade Committee in Hà Nội on July 9.

Last year, Việt Nam was Malaysia’s 11th largest trading partner while Malaysia was Việt Nam’s 10th largest globally, with a total trade volume of $17.38 billion.

Việt Nam is also an important investment destination for Malaysia, especially in real estate, utilities, financial services and manufacturing. As of 2023, Malaysia registered 717 projects in Việt Nam with total investment of $13.1 billion. — VNS