PM Chinh proposes making breakthrough in economic cooperation with Malaysia

Prime Minister Pham Minh Chinh hosted a reception in Hanoi on July 8 for Malaysian Minister of Investment, Trade and Industry Zafrul Abdul Aziz who is on a working visit to Vietnam to co-chair the 4th session of the Vietnam-Malaysia Joint Trade Committee.

At the function, the Vietnamese Government chief hailed Malaysia as Vietnam’s major trade and investment partner, saying that Malaysia is currently the third largest trading partner of Vietnam in the Association of Southeast Asian Nations (ASEAN) and the 10th largest in the world.

With a total registered capital of more than US$13 billion , Malaysia is also the third biggest ASEAN investor in Vietnam, he added.

Vietnam always welcomes and incentivize Malaysian businesses and investors to operate in the country and the nation pledges to protect their legitimate rights and interests, while ensuring fair treatment, and offering favourable conditions for foreign investors, including those from Malaysia.

As the two-way target of achieving US$20 billion in the coming years is within reach, PM Chinh suggested the two nations continue to leverage their complementary strengths, explore breakthrough solutions to boost economic, trade, and investment cooperation, and join global value and supply chains.

He also asked Malaysia to facilitate the entry of Vietnamese goods into its market, particularly processed farm produce, seafood, and food products; assist Vietnam in developing the Halal industry and encouraging Malaysian investments in Vietnam in this field, as well as in digital transformation, green transition, clean energy and wind power export.

Furthermore, he called for intensifying joint work in emerging fields such as innovation, artificial intelligence and cybersecurity.

To further boost collaboration, the Vietnamese Government leader proposed sharing experience, jointly building mechanisms and policies, improving governance capacity, transferring technology, and training quality human resources, particularly in emerging sectors.

He also underlined the need to beef up effective cooperation between businesses of both nations, people-to-people exchanges, and tourism and cultural collaboration with flexible regulations.

Regarding global and regional issues, PM Chinh said in the current context, Vietnam and Malaysia need to continue offering mutual support at multilateral forums. Together with other ASEAN member states, they should maintain the bloc's centrality, reinforce unity in diversity within ASEAN, and maintain an environment of peace, stability, cooperation and development, he emphasized.

PM Chinh laid stress on the importance of maintaining peace, stability, security and safety of navigation and aviation in the East Sea, and settling disputes peacefully in line with international law, especially the United Nations Charter and the 1982 UN Convention on the Law of the Sea (UNCLOS).

The PM affirmed Vietnam's support for Malaysia's ASEAN Chairmanship in 2025 and requested Malaysia to back Vietnam's efforts to have the European Commission's "yellow card" warning against Vietnamese seafood regarding illegal, unreported and unregulated (IUU) fishing removed.

In reply, the Malaysian guest stated that this is his second visit to Vietnam and mentioned an extensive agenda involving numerous Malaysian enterprises. He predicted that this year's bilateral trade turnover could reach US$18 billion, exceeding the target initially set for 2025.

He expressed his strong desire to further enhance bilateral economic, trade and investment ties, especially in areas highlighted by the PM, including the Halal industry, which holds significant potential, as well as digital transformation, green transition, wind power, innovation and artificial intelligence.

Zafrul affirmed Malaysia’s continuous support for ASEAN's centrality in regional issues, and outlined his nation hope for Vietnam's continued support for its ASEAN Chairmanship in 2025.