Vietnam, Malaysia set sights on US$18 bln trade by 2025

VOV.VN - There is ample room for Vietnam and Malaysia to achieve the US$18 billion trade target set for 2025 despite numerous COVID-19 challenges, said a MATRADE executive.

Raja Badrulnizam Raja Kamalzaman, director for ASEAN and Oceania of the Malaysia External Trade Development Corporation (MATRADE), made the projection in an interview granted to Vietnam News Agency ahead of the March 20-21 Vietnam visit by Malaysian Prime Minister Dato’ Sri Ismail Sabri bin Yaakob.

Kamalzaman quoted the Department of Statistics Malaysia, saying two-way trade between Vietnam and Malaysia reached US$16.71 billion last year, up 41.6% year on year. Of the figure, Malaysian exports fetched US$10.98 billion, up 47.2%, while its imports hit US$5.73 billion, a rise of 31.9%.

According to executive Vietnam is the 11th biggest trade partner and the seventh largest export market of Malaysia. The wo countries are currently striving to meet their bilateral trade target of US$25 billion by 2030.

These figures show positive development in bilateral relations, especially after the two countries launched their strategic partnership in 2015, said Kamalzaman.

He went on to affirm that the enforcement of the Regional Comprehensive Economic Partnership (RCEP) early this year, which both Malaysia and Vietnam have already ratified, will contribute to boosting bilateral trade.

To promote exports, Badrulnizam said MATRADE will focus on building a sustainable business environment, digitising trade activities, and implementing specific initiatives based on Malaysia’s national trade master plan.

He invited Vietnamese businesses to participate in the 18th Malaysia International Halal Showcase (MIHAS) 2022 slated for September 7 – 10.

MIHAS, the world's largest Halal exhibition centre, offers a golden opportunity for Vietnamese companies to expand their Halal market and seek supply sources of Halal products and services.

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