Malaysia, Vietnam coordinate in trade protection
Vietnam and Malaysia will build an information exchange and cooperation institution to investigate trade protection cases to support and protect the rights of the two countries’ businesses.
Vietnamese Minister of Trade and Industry Vu Huy Hoang and Malaysian Minister of International Trade and Industry Dato’Sri Mustapa Mohamed reached the agreement at the Vietnam-Malaysia Joint Trade Committee meeting, the second on the sidelines of the 19th ASEAN Economic Ministers’ Retreat in Hanoi on March 7.
The two sides emphasized the importance of trade policies and discussed cooperation in promoting investment, trade, industry and agriculture, as well as publicising business regulations, especially in the context that the two economies will contribute to building an ASEAN economic community by 2015.
Hoang stressed that the bilateral relations have continued to grow since the first meeting of the Vietnam-Malaysia Joint Trade Committee in September, 2011.
Bilateral political relations were marked by high-ranking visits, including President Truong Tan Sang’s trip to Malaysia in September 2011, and the meeting between Prime Minister Nguyen Tan Dung and his Malaysian counterpart at the 21st ASEAN Summit in Cambodia last November.
Celebrating the 40th anniversary of Vietnam-Malaysia diplomatic ties, the two countries have signed a total of 13 agreements in trade, investment, science and technology, and telecommunications.
Accordingly, bilateral trade turnover from 2009 to 2012 grew by 24 percent each year, up to US$7.9 billion in 2012.
In 2012, Malaysia ranked 8th among 92 countries and territories and 2nd among the Southeast Asian nations– 428 projects worth US$10.1 billion in Vietnam.
Last year, Vietnam exports to Malaysia were estimated at US$4.5 billion, a year-on-year increase of 56 percent, and its imports from the country at US$3.4 billion.