Vietnam boosts trade promotion in Malaysia

(VOV) -Malaysia currently ranks third among Vietnam’s largest trade partners in Southeast Asia, said Deputy Minister of Industry and Trade Tran Tuan Anh.

Deputy Minister Anh made the comment shortly after returning from a visit to Malaysia he made, along with a group of food sector business representatives, on June 11-12 aiming to bolster bilateral trade ties.

The Vietnamese delegation held working sessions with representatives from a number of Malaysian ministries and businesses.

vietnam boosts trade promotion in malaysia hinh 0

Both sides exchange views on cooperation opportunities and measures and on how to accelerate the implementation of rice export contracts from Vietnam to Malaysia and expand bilateral cooperation in the time ahead.

They also reached consensus on the initiative to establish a trade council of businesses from Vietnam and Malaysia in the near future.

Deputy Minister Anh said bilateral trade between the two nations has posted strong growth in recent years. Vietnam is Malaysia’s fifth biggest trade partners in the region, with two-way trade turnover increasing to US$9.7 billion in 2013 from US$4.5 billion in 2009. They are expected to raise the figure to US$11 billion in 2015.

“Vietnam regards Malaysia as a strategic Southeast Asian market as it  has an import-export structure in line with Vietnamese exports,  in particular  rice,” Anh noted. 

As ASEAN members and TPP negotiators, both Vietnam and Malaysia will be provided with many opportunities in the coming time, particularly when the ASEAN Economic Community is scheduled to be established in 2015.