Illustrative image (Source: VNA)

Hanoi (VNA) – A Vietnam-Malaysia business roundtable conference was held in Hanoi on December 8, aiming to open up opportunities for the business communities of the two countries to meet and network.

Vietnam’s Deputy Minister of Industry and Trade Do Thang Hai told the event that despite potential and advantages for long-term cooperation, trade exchange between the two countries has not met potential.

The Deputy Minister affirmed Vietnam can ensure stable supply agricultural products like rice, tea, coffee, seafood, and pepper for Malaysia on a long-term basis.

Hai also recommended many solutions to boost economic-trade ties between the two countries. First of all, the two governments should review trade rules and remove barriers relating to administrative procedures, customs, standards and quarantine.

The two sides need to boost the sharing of experience and technology transfer in the fields of energy, oil and gas, mechanical manufacturing and agri-fishery product processing.

He suggested cooperating to develop value chains in oil and gas, agriculture, seafood, footwear, garment and textile, and support industry.

Malaysian Ambassador to Vietnam Zamruni Khalid said the embassy will assist enterprises of both countries in establishing partnership.

Zafrul Tengku Abdul Aziz, President of the Kuala Lumpur Business Club, expressed his wish that Vietnamese enterprises will visit Malaysia to seek investment opportunities.

According to the MoIT, Vietnam-Malaysia two-way trade value in 2016 is expected to reach 8.1 billion USD, up 4.3 percent against 2015, of which Vietnam’s exports are estimated at 3.2 billion USD.

In terms of investment, Malaysia tops the list of seven ASEAN countries investing in Vietnam in 2015 with 29 new projects. Malaysian enterprises mainly invest in oil and gas, automobile, production industry, health care, and financial services and real estate and goods distribution.-VNA