Vietnam, Malaysia target US$18 billion bilateral trade turnover

Vietnamese Foreign Minister Bui Thanh Son and Malaysian Minister of Foreign Affairs Senator Zambry Abdul Kadir on July 20 co-chaired the 7th Joint Commission Meeting on Economic, Scientific and Technological Cooperation between Vietnam and Malaysia as part of the latter's two-day visit to Vietnam.

FM Son welcomed his Malaysia counterpart’s visit to Vietnam for co-hosting the seventh session of the Joint Committee just before the official visit to Vietnam of Malaysian Prime Minister Anwar Ibrahim - a very important event amid both nations celebrating the 50th anniversary of their diplomatic relations.

Senator Zambry Abd Kadir expressed his pleasure at his first visit to Vietnam in his capacity as FM, while hailing Vietnam's efforts to contain the COVID-19 pandemic and boost rapid socio- economic recovery and development.

Malaysia always attaches importance to and desires to develop a strategic partnership with Vietnam, the Malaysian FM told his host.

At the meeting, the two sides focused on reviewing and evaluating the implementation of agreements signed by senior leaders, including the Action Program on carrying out the Vietnam-Malaysia strategic partnership in the 2021 – 2025 period.

The two sides agreed to propose some major orientations to the two government leaders in a bid to promote the strategic partnership in the coming time.

Accordingly, the two sides will boost closer coordination to intensify high-level exchange visits and contacts at all levels across all channels, and people-to-people exchanges, ad expand defence and security cooperation.

The two sides will strive to elevate bilateral trade turnover to US$18 billion soon in a more balanced direction, limit the application of trade barriers, and capitalize on opportunities from regional trade agreements that both sides participate in such as The Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

They consented to bolster cooperation in other important fields such as sea and ocean cooperation, oil and gas, education and training, labor, transportation, culture, sports, tourism and cooperation among localities.

The two countries will expand cooperation in new fields such as digital economy, artificial intelligence, renewable energy, while simultaneously accelerating the signing of cooperation documents, including a Memorandum of Understanding (MOU) on cooperation in training diplomatic staff.

The two diplomats also compared notes on a number of international and regional issues of mutual concern, and agreed to continue to closely coordinate and actively support each other at multilateral forums.

They affirmed the two countries’ readiness to join other ASEAN member states in maintaining solidarity and ASEAN's central role in dealing with strategic issues in the region.

At the end of the meeting, the two FM agreed on the content of the Minutes of the 7th joint commission meeting and concurred to hold the 8th session at a convenient time for both sides in Malaysia in 2025.

On the occasion, the Malaysian FM cordially invited FM Bui Thanh Son to pay an official visit to Malaysia at an appropriate time and his invitation was graciously accepted.