M’sia, Vietnam have big potential to boost trade co-op: Tengku Zafrul

HANOI – Malaysia’s robust manufacturing sector and advanced technology, combined with Vietnam’s sizeable market, offers both countries immense potential to further boost bilateral trade, said the investment, trade, and industry minister.

Speaking at the Malaysia-Vietnam Business Forum here today, Datuk Seri Tengku Zafrul Tengku Abdul Aziz said that Vietnam’s sizeable market base as well as its dynamic and rapidly expanding economy present Malaysian companies with a thriving market for their goods and services.

“Vietnam’s agricultural sector can easily leverage Malaysia’s leadership and established ecosystem in the certification of halal products and services to tap into the global halal market, which is estimated to grow to US$3 trillion (RM13.6 trillion) by 2024.

“By collaborating in areas such as real estate and property, food and beverage, and halal products, construction and building materials, as well as medical and pharmaceutical products, we can unlock opportunities for economic growth, and build a stronger partnership that will benefit our nations and our people,” said Tengku Zafrul.

The minister is in Hanoi as part of Prime Minister Datuk Seri Anwar Ibrahim’s two-day official visit to the country. 

Last year, Malaysia’s total trade with Vietnam continued its upward trajectory, growing by 23.1% year-on-year (y-o-y) to US$19.44 billion.

Exports increased by 17.6% y-o-y to US$12.2 billion, while imports also rose by 33.2% y-o-y to US$7.2 billion.

Vietnam is Malaysia’s 12th largest trading partner globally, and it is also the country’s fourth largest trading partner in Asean after Singapore, Indonesia, and Thailand.

In terms of investments, Malaysia is Vietnam’s 10th largest investor after Singapore and Thailand.

Tengku Zafrul said aside from trade and investment, Putrajaya and Hanoi can also work together to overcome challenges caused by slowing global growth, disrupted supply chains, rising commodity prices, and geopolitical tensions.

“Against this gloomy prospect, it is now more important than ever for us to strengthen and deeply integrate our economy, be it at bilateral, plurilateral and multilateral levels,” he added. – Bernama, July 21, 2023