Vietnam emerges as one of Malaysia’s closest partners

In a recent media interview given as part of the occasion of the 50th anniversary of joint diplomatic ties which began back in 1973, the diplomat also said the two countries entered into a strategic partnership in 2015, adding that by implementing the Plan of Action (POA) for the 2021 to 2025 period, both countries are further strengthening bilateral ties and have therefore reaped tremendous benefits.

Two-way trade turnover reached roughly US$19.4 billion in 2022, marking a 16% increase compared to 2021. The country represented Malaysia’s 12th-largest trading partner last year and fourth-largest in ASEAN, behind Singapore, Indonesia, and Thailand.

Both sides should therefore take full advantage of bilateral and multilateral initiatives as a means of boosting trade, such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the diplomat said.

Regarding investment relations, he assessed that the Vietnamese market remains one of the most attractive destinations for foreign investors. Boasting a thriving economy, the volume of foreign direct investment (FDI) into the country has been constantly increasing over recent years.

Malaysian investors are also keen on developing future co-operation with Vietnamese partners in fields with substantial potential, such as agriculture and aquaculture, halal products, processed food, and electronic products and components, all of which are among the fields Malaysia will be focusing on moving forward.

The sound mutual relationship is also apparent in other fields, the Ambassador added.
Malaysia is elated that co-operation in defence and security between the two countries is in the process of advancing well, he said, emphasizing that the Malaysian side is keenly looking forward to the renewal of the bilateral Memorandum of Understanding on Defence Cooperation which expired in 2018.

This will enable a more focused and structured framework between the two sides and strengthen the bilateral relationship whilst contributing to regional security and stability, he said.

Both countries are also fully committed to enhancing regional peace and stability through their active participation in ASEAN and other regional organizations, he added.

Malaysia, which will be Chair of ASEAN ahead in 2025, is offering Vietnam and several other ASEAN members participation in the Malaysian Technical Cooperation Programme (MTCP). This is part of the Malaysian Government’s commitment to the promotion of technical co-operation among developing countries, a move which will strengthen regional and sub-regional ties and nurturing collective self-reliance in developing countries.