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Vietnam - Malaysia make plans to achieve US$15b trade target PDF Print
Wednesday, 14 December 2016 21:53

VIETRADETwo-way trade between Viet Nam and Malaysia enjoyed good prospects to grow further as the two countries aimed to reach a two-way trade target of US$15 billion by 2020.


According to the Deputy Minister of Industry and Trade Do Thang Hai, Viet Nam could ensure a steady supply of agricultural products such as rice, tea, coffee, seafood and pepper to Malaysia on a long-term basis.


In his speech at a roundtable conference held between Vietnamese and Malaysian firms in Hanoi on December 8, Hai suggested the two governments review trade rules and clear obstacles relating to administrative procedures, customs, standards and quarantines in order to facilitate bilateral trade.


Both countries needed to share their experience and technology transfer in the fields of energy, oil and gas, mechanical manufacturing and agri-fishery processing.


There should also be closer co-operation to develop value chains in oil and gas, agriculture, seafood, footwear, garment and textile, and support industry, Hai said.


Other trade experts offered several suggestions to increase exports to Malaysia, including conducting marketing campaigns at home and abroad, building and promoting trademarks for favorable products and improving the quality of food preservation.


In recent years, bilateral relations in trade and investment between the two nations had been developed significantly thanks to many favorable conditions such as geographic location convenient for business traveling, the transportation of export and import goods, many co-operation agreements, experts said.


Two-way trade topped US$6.8 billion in the 10 months of this year, up 3.4% year-on-year, according to the General Statistics Office.


During this period, Vietnam exported US$2.7 billion worth of goods to Malaysia, down 14% on-year, while its imports experienced a yearly rise of 19%, to US$4.1 billion.


Among Vietnam’ major export items to Malaysia included telephones and components, computer, electronics and parts, rubber, steel and iron beside to textile and garment, seafood and coffee.


Meanwhile, the Ministry of Industry and Trade forecast that the trade would likely reach US$8.1 billion by year-end, that would be 4.3% higher than 2015.


Of this, Vietnam’s exports would reach US$3.2 billion and its imports might fetch US$4.9 billion, which suggested that Vietnam would see a trade deficit of around US$1.7 billion, nearly three times higher than that seen in the previous year.


In terms of investment, Malaysia had invested US$412 million into Vietnam over the past 11 months, ranking 11th among the 68 countries and territories investing in the country, data from the Foreign Investment Agency revealed./.

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