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Malaysia, Vietnam has immense potential to boost bilateral trade cooperation, including in US$3 tln global halal market

Malaysia, Vietnam has immense potential to boost bilateral trade cooperation, including in US$3 tln global halal market

21 Jul 2023

Malaysia’s robust manufacturing sector and advanced technology, combined with Vietnam’s sizeable market, offers both countries immense potential to further boost bilateral trade, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

Speaking at the Malaysia-Vietnam Business Forum here today, he said that Vietnam’s sizeable market base as well as its dynamic and rapidly expanding economy present Malaysian companies with a thriving market for their goods and services.

“Vietnam’s agricultural sector can easily leverage Malaysia’s leadership and established ecosystem in the certification of halal products and services to tap into the global halal market, which is estimated to grow to US$3 trillion (US$1=RM4.55) by 2024.

“By collaborating in areas such as real estate and property, food and beverage and halal products, construction and building materials as well as medical and pharmaceutical products, we can unlock opportunities for economic growth, and build a stronger partnership that will benefit our nations and our people,” said Tengku Zafrul.

The minister is in Hanoi as part of Prime Minister, Datuk Seri Anwar Ibrahim’s two-day official visit to the country.

Last year, Malaysia’s total trade with Vietnam continued its upward trajectory, growing by 23.1 per cent year-on-year (y-o-y) to US$19.44 billion.

Exports increased by 17.6 per cent y-o-y to US$12.2 billion, while imports also rose by 33.2 per cent y-o-y to US$7.2 billion.

Vietnam is Malaysia’s 12th largest trading partner globally, and it is also the country’s fourth largest trading partner in ASEAN after Singapore, Indonesia and Thailand.

In terms of investments, Malaysia is Vietnam’s 10th largest investor after Singapore and Thailand.

Tengku Zafrul said aside from trade and investment, Putrajaya and Hanoi can also work together to overcome challenges caused by slowing global growth, disrupted supply chains, rising commodity prices and geopolitical tensions.

“Against this gloomy prospect, it is now more important than ever for us to strengthen and deeply integrate our economy, be it at bilateral, plurilateral and multilateral levels,” he added.

Source: Bernama