During their trip, the firms will participate in a business conference where they can meet with Vietnamese counterparts in such sectors as information and technology and science and agriculture to build up specific co-operative relations, Loi said.

Vietnam has always been considered an important trade partner by Malaysia and there are good prospects for co-operation between the two countries, said Minister of Industry and Trade Vu Huy Hoang on the sidelines of the two-day meeting of ASEAN economic ministers, held in Malaysia late last month.

Malaysian-invested projects in Vietnam have been very successful. Malaysia currently has about US$4-5 billion invested in two thermal power plants in Hai Duong province and the Mekong Delta.

Two-way trade has increased significantly in the past 10 years, from a modest US$600,000 in 1999 to US$4.6 billion in 2008, and approximately US$3.4 billion in the last 10 months of 2009 despite the global economic crisis.

Several methods have been drawn up by the two sides to better facilitate exchanges, including speeding up trade and investment promotion activities and fostering co-operation between the two countries’ trade promotion agencies: the Malaysia External Trade Development Corp (Matrade) and the Vietnam Trade Promotion Agency (Vietrade).

Encouraging businesses to participate in trade fairs and exhibitions in both countries and enhancing co-operation in the oil and gas, apparel, chemicals, mining, forestry, hydroelectricity and clean energy sectors are also included.

Matrade said in a recent press release issued in Kuala Lumpur that Vietnam is a promising market for Malaysian trade and business activities. It highlighted Vietnamese business opportunities in education, textiles, fast-food outlets, eye wear and restaurants.