Vietnam and Malaysia boast new cooperation prospects

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HANOI (Vietnam News/ANN): The Vietnam-Malaysia Business Connection 2023 was organised by the Vietnam Trade Office in Malaysia and the Department of Economic Affairs under the Ministry of National Defence in Kuala Lumpur on Friday.

The workshop opened up new cooperation prospects for the two nations, including military businesses. They found distributors and importers in the fields of industrial explosives, garments and textiles, leather shoes and raw rubber, while boosting deep cooperation in the fields of military and construction.

Vietnamese Trade Counsellor Le Phu Cuong briefed participants of the Malaysian market with more than 33 million people and GDP in 2022 reaching US$337.69 billion.

Malaysia is an open economy, he said, adding trade and investment play an important role in generating jobs and increasing incomes for local people.

Last year, Vietnam exported US$5.57 billion worth of products to the country, while splashing US$9.1 billion on Malaysian goods, he added.

Meanwhile, Deputy Director of the Department of Economic Affairs Pham Toan Thang said the Ministry of National Defence is managing 104 businesses which are operating in various fields such as finance-banking, telecommunications, garment and textiles, leather shoes, pharmaceuticals and construction.

Several corporations have reached out to the world such as Viettel Military Industry and Telecoms Group and Sai Gon Newport Corporation, helping unlock cooperation potential between the two countries, he stressed.

In the framework of the workshop, two Memoranda of Understanding were inked between the two sides, marking a milestone of the commitment to enhancing trade promotion activities between Vietnam and Malaysia and between state management agencies of both nations in particular.

Lee Pang, a member of the international business committee under the National Chamber of Commerce and Industry Malaysia (NCCIM), expressed her hope that Vietnam and Malaysia will continue to capitalise on their strengths towards prosperous development.

The NCCIM commits to creating favourable conditions for enterprises and forming a vibrant stable business environment between the two countries, she said.

Meanwhile, chairman of the business council under the Malaysia-Vietnam Friendship Association Hambali Mukhlas noted his expectations on the bilateral cooperation in Halal industry – the field that Malaysia has well-developed infrastructure while Vietnam holds huge potential in material and human resources. - Vietnam News/ANN