Vietnam, Malaysia enjoy surging trade
Vietnam and Malaysia recorded two-way trade of nearly US$2.27 billion in the first quarter of 2017, a year-on-year increase of 39.7 percent, according to the Vietnamese Trade Office in Malaysia.
 |
Vietnam exported US$978.7 million worth of goods to Malaysia, up 49.6 percent, and imported US$1.29 billion from the market, up 33 percent against the same period last year.
In January-March, Vietnam exported numerous high value commodities to Malaysia such as computers, electronic products and spare parts (US$367.2 million), and mobile phones and components (US$112.6 million).
Other staples include iron and steel (US$58.63 million), machines and equipment (US$43.07 million), glass and glass products (US$41.36 million), vehicles and spare parts (US$35.74 million), crude oil (US$20.03 million), rubber (US$19.94 million), and seafood (US$19.2 million).
The total investment of Malaysian businesses in Vietnam is estimated at more than US$12 billion, focusing on oil and gas, real estate, trade and tourism.
At a recent reception for Malaysia’s Minister of Trade and Industry Datuk Seri Mustapa Mohamed on the occasion of his visit to Vietnam, President Tran Dai Quang said Vietnam attaches great importance to developing relations with Malaysia, particularly in economics, trade and investment.
The President lauded the efficiency of Malaysian projects that benefit the two countries’ businesses and contribute to Vietnam’s socio-economic development.
Malaysia is the second biggest investor in Vietnam in ASEAN, with two-way trade hitting US$8 billion in 2015.
The President urged the two nations to restart meetings between the joint committee on bilateral cooperation soon to plan for the implementation of the Vietnam – Malaysia Action Programme in 2017-2019.
The two countries need to map out measures to realise the bilateral trade target of US$15 billion by 2020, he added.
