Vietnam boasts potential waiting to be exploited: Malaysian minister

Being the ninth-largest foreign investor, Malaysia’s presence in Vietnam is a positive trajectory for strengthening bilateral trade between the two countries, making Vietnam an important investment destination, especially in utilities, manufacturing and real estate development.

Malaysian Minister of International Trade and Industry (MITI) Mohamed Azmin Ali, in his recent tweet, stressed that “it is a matter of pride to see prominent Malaysian companies investing and operating in contributing to the socio-economic advancement by way of providing employment to the Vietnamese people, while availing the vast opportunities to compete on a global scale”.

While the COVID-19 pandemic has impacted businesses and trade activities, nevertheless, given the high percentage of the adult population being fully vaccinated, both countries are set to move towards transitioning to the endemic phase where international borders are opened, he said.

Azmin said trade will get more seamless when disruptions to the supply chain are reduced.

The Vietnamese business community should take the opportunity on the expanded market access as it would provide intra-regional sourcing of raw materials at a competitive cost, thus further deepening the supply chain integration within the region, he noted.

The Malaysian minister also mentioned his meeting with the Vietnamese business community, saying that it was a very good exchange of views.

“I listened to the candid and frank perspectives and there is much merit in some of the very constructive suggestions made which MITI will follow through”, he said.

Azmin said it is noteworthy that many Vietnamese companies employ a sizable number of Malaysians at both personnel and management levels, with most Malaysians considering Vietnam as their second home.

"It was interesting to hear that GAMI Group is interested in pursuing collaboration with Malaysian companies on electric vehicle (EV) projects whereas VietJet is ready to fly to Kuala Lumpur and in fact, will resume their route between Vietnam and Malaysia starting April 1, 2022.”

Vietnam’s Hoa Binh Construction Group is very supportive and receptive of incorporating environmental, social and governance (ESG) elements into their business operations and plans on real estate development, he said, adding that the ties suit well with Malaysia’s national investment aspirations that place ESG as one of its core pillars.

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