MATRADE Urges Vietnamese Businesses to Continue Engaging in Regional Growth

4:19:07 PM | 4/11/2024

ASEAN has emerged as the world's third-most populous region, following India and China, with a combined population of 671.7 million across its ten member states in 2022. Despite global challenges, ASEAN remains committed to an open, inclusive and rules-based trading system, aimed at enhancing trade, investment and solidifying the region as a central hub for global supply chains.

Malaysia and Vietnam have been actively leveraging each other's strengths and fostering business cooperation across various sectors. In 2023, bilateral trade between Malaysia and Vietnam reached US$11.3 billion, with a significant focus on manufactured goods.

Key exports from Malaysia to Vietnam in 2023 included electric and electronic products (47.2%), petroleum products (15.5%), chemicals and chemical products (8.9%), manufacturers of metal (4.4%), and palm oil & palm oil-based agriculture products (3.8%). Conversely, top imports from Vietnam to Malaysia in 2023 comprised electric and electronic products (35.8%), chemicals & chemical products (13.2%), iron & steel products (10.1%), textiles, apparels and footwear (7.7%), and other agriculture products (7.3%).

According to Mdm. Rosmizah Mat Jusoh, Trade Commissioner of the Malaysia External Trade Development Corporation (MATRADE) HCMC, Vietnam stands as one of Malaysia’s key trading partners in the region, ranked as the 4th largest trading partner. Similarly, Malaysia is recognized as Vietnam’s 3rd largest trading partner within ASEAN. Through trade facilitation under the ASEAN Trade in Goods Agreement (ATIGA), both nations have the potential to further enhance bilateral trade towards the target of US$18 billion. Promising sectors for collaboration include the halal industry (F&B, personal care, cosmetics products), renewable energy, ICT, chemicals, and professional services.

With offices in Hanoi and HCMC, MATRADE remains committed to facilitating partnerships between Vietnamese and Malaysian businesses while exploring potential collaborations for the future. Notably, one of MATRADE's flagship events, the Malaysia International Halal Showcase (MIHAS 2024), serves as a platform for trade connections and knowledge-sharing on the latest trends and developments in the halal industry.

Giang Tu