There remains great potential for Vietnam and Malaysia to promote economic and trade cooperation, especially in information and communication technology (ICT), infrastructure investment, digital economy and Halal foods.
In a recent interview granted to the Vietnam News Agency in Malaysia, Shan Saeed, chief economist and global investment strategist at Malaysia-based IQI Global said Vietnam and Malaysia have strong manufacturing- and resources-based economy, so it is entirely possible to further expand cooperation to benefit both.
In terms of infrastructure investment, the expert said this is an area of potential cooperation between the two countries in the future as the Association of Southeast Asian Nations (ASEAN) currently needs about US$1.2 trillion for infrastructure development to maintain its development momentum.
Regarding cooperation in Halal foods, Shan said that Vietnam should learn from Malaysia’s experience of 15-20 years in this field, as well as obtain commercial certification and have necessary measures to maintain the hygiene and quality of Halal products.
According the expert, the Malaysian brand can be useful for Vietnam in the following areas: Malaysia's Halal certification, training human resources for improving the quality of Halal foods, and building brand strategies for Vietnamese Halal products.
Vietnam should also take advantage of the Chinese market’s growing demand for Halal foods, which is expected to hit US$50-75 billion by 2025; and study developing markets with high demand for such products, he said.