Vietnam-Malaysia: Great Potential for Cooperation

2:45:31 PM | 5/30/2023

That is the confirmation of Malaysian Ambassador Dato Tan Yang Thai at the meeting with VCCI President Pham Tan Cong on May 22 at the headquarters of VCCI. The meeting aimed to discuss measures to boost good trade and investment ties. According to the Ambassador, as the two countries are celebrating the 50th anniversary of diplomatic relations, there will be a lot of trade and investment opportunities for the companies of the two sides.

VCCI President Pham Tan Cong receives the Malaysian delegation led by Ambassador Dato Tan Yang Thai

Appreciating the two-way trade turnover of US$15.6 billion in 2022, Malaysian Ambassador Dato Tan Yang said there is much room for the two countries to elevate the trade and investment cooperation.

VCCI President Pham Tan Cong said, Vietnam and Malaysia are close friends in ASEAN. Malaysia is the 10th biggest investor in Vietnam and the two countries have developed a very good relationship which could be advanced for better and stronger cooperation.

Vietnam is set to become a developed country by 2045, so we should keep the strong growth rate of GDP between 6-7% per year. There would be plenty of business opportunities for Malaysian companies. Vietnam now imports from Malaysia about only US$10 million, the VCCI President Pham Tan Cong expressed his hope to see more Malaysian products to be exported to Vietnam. He also said Vietnamese products are good and wanted to see more Hala food exported to Malaysia. 

Vietnam is developing fast and needs more energy, so it will be an opportunity for Malaysian energy developers. The Malaysian ambassador agreed and revealed that an MOU has just been signed by Malaysian National Electricity Provider –Tenaga Nasional Berhad (TNB) and Vietnamese companies.

“Some of the biggest Malaysian exports to Vietnam are electronics and electrical components, while Malaysia also imports a lot of finished products from Vietnam,” said Malaysian Ambassador Dato Tan Yang Thai, suggesting this is a potential area of trade cooperation.

The Ambassador also appreciated the Vietnam Business Forum (VBF) jointly organized by VCCI for its open discussion among the top leaders of Vietnam and the business community including foreign investors in Vietnam. “It's a very good dialogue that they understand the difficulties faced by the investors,” emphasized the Ambassador.

VCCI President Cong thanked the Ambassador for his appreciation and informed that there will be a dialogue between businesses and competent leaders and he hoped the Malaysian ambassador will participate in it and contribute opinions to improve the investment environment.

By Thu Huyen, Vietnam Business Forum