Vietnam, Malaysia boost trade ties

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VOV News English - 29 month(s) ago 3 readings

Vietnam, Malaysia boost trade ties

(VOV) - Vietnam and Malaysia need to increase trade, investment and tourism cooperation to raise bilateral trade to US$10 billion in the coming years.

Vietnamese ambassador to Malaysia Nguyen Hoang Thao made the proposal at a joint forum in Kuala Lumpur on May 10.

Such cooperation relations have developed well in recent times, but do not yet match the two countries’ potential and meet their expectations, Thao told more than 100 businesses and travel representatives attending the forum.

He said the forum aims to kick-start tourism promotions and introduce opportunities and investment policies to increase the number of tourists to their countries’ destinations and meet the set US$10 billion trade target.

Thao expressed hope that Malaysian groups and companies will continue to pour more investment into projects in Vietnam to capitalize on this market.

Vietnamese trade counsellor Vu Van Canh reported that two-way trade between Vietnam and Malaysia has increased by 20 percent annually over the years.

In 2011, bilateral trade reached US$6.66 billion, with Vietnam’s exports fetching US$2.76 billion, he added.

With 404 projects valued at more than US$11.09 billion, Malaysia is Vietnam’s second biggest ASEAN investor and eight biggest world investor, Mr Cuong emphasized.

The forum drew the participation of major Malaysian giants such as Pitaberry, Chin Huat, Polar Ice Cream Sdn. Bhd, HG Travel, I-travel Indochina.

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