by AUFA MARDHIAH

THE Investment, Trade and Industry Ministry (MITI) has secured RM3.3 billion in potential exports from Vietnamese companies, covering sectors such as electrical and electronics (E&E), palm oil, chemicals and petrochemicals, iron and steel, food and beverages and fast-moving consumer goods. 

The announcement came following the ministry’s three-day trade and investment mission to Vietnam from July 8 to 10, 2024, aimed to expand and initiate business-to-business partnerships and deepen bilateral cooperation, serving as a catalyst for economic growth.

Its minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the mission also serves as a catalyst for expanding and initiating strategic business-to-business partnerships between Malaysian and Vietnamese entities, while deepening bilateral cooperation between the two nations. 

“The next thing is to ensure that we follow up on realising these commitments quickly and efficiently to support our GDP growth and job opportunities for our people,” he said in a statement on July 11.

Additionally, 14 Vietnamese companies committed to sourcing Malaysian products.

Export commitments were made during business roundtable meetings and one-on-one meetings in Ho Chi Minh City on July 10.

The mission was led by Tengku Zafrul, with support from senior representatives of the Malaysia External Trade Development Corp and the Malaysian Investment Development Authority.

The outcome highlighted mutually beneficial opportunities for the business communities of both countries. 

During the mission, Tengku Zafrul also met with key Vietnamese state officials, including the prime minister and other ministers, facilitated by the Malaysian mission in Hanoi. 

Furthermore, the fourth Malaysia-Vietnam Joint Trade Committee meeting focused on enhancing trade and investment ties, discussing cooperation in the halal industry, green economy and renewable energy. 

The committee also addressed Malaysia’s upcoming ASEAN chairmanship in 2025, with Vietnam expressing its support.

In 2023, Malaysia and Vietnam enjoyed a significant trade volume of US$17.38 billion (RM79.42 billion), with Malaysia being Vietnam’s 10^th-largest trading partner and Vietnam being Malaysia’s 11^th-largest trading partner globally. 

Malaysia also has numerous investment projects in Vietnam, particularly in real estate development, utilities, financial services and manufacturing, with a total investment value of US$13.1 billion as of 2023. 

The trade mission not only secured potential exports but also strengthened the strategic economic partnership between Malaysia and Vietnam.