Commerce chamber hoped to boost Vietnam-Malaysia trade hinh anh 1Vietnamese Ambassador Le Quy Quynh (R) and Chairman of the Malaysia-Vietnam Chamber of Commerce Howard Choo (Photo: VNA)

Kuala Lumpur (VNA) – Trade and investment ties between Vietnam and Malaysia are expected to enjoy a new driving force created by the recently established Malaysia-Vietnam Chamber of Commerce (MVCC).

Key leaders of the MVCC officially made debut in Malaysia on November 2 at an event attended by representatives of the Embassy and trade office of Vietnam, some major Vietnamese businesses, and many Malaysian firms that have business partnerships with Vietnam.

In his speech, Vietnamese Ambassador Le Quy Quynh reviewed bilateral trade and investment relations, elaborating that Vietnam is currently the fourth biggest ASEAN trade partner of Malaysia. Bilateral trade surpassed 10 billion USD in 2016.

Meanwhile, Malaysia is the seventh largest foreign investor in Vietnam with total FDI of 914 million USD as of December 2016. Big Malaysian enterprises like Petronas, SP Setia, Emivest, Berjaya Land and Gamuda have been operating in Vietnam.

Quynh stressed that the MVCC will be a bridge linking Malaysian businesses with Vietnamese partners, thus creating more business and investment opportunities and contributing to each country’s prosperity.

[Vietnam, Malaysia vow to step up strategic partnership]

He added the Vietnamese Embassy will coordinate closely with the MVCC to strengthen trade-investment ties, including raising bilateral trade to 15 billion USD in 2020 as targeted by the two countries’ leaders.

With a view to boosting trade, the MVCC will help develop joint ventures between Vietnamese and Malaysian private companies, organise trade delegations’ visits to Vietnam and hold forums to discuss issues of shared concern, according to MVCC Chairman Howard Choo.

Malaysia’s Minister of International Trade and Industry Mustapa Mohamed expressed his interest in the MVCC’s foundation and asked the chamber to organise trade forums between the two countries annually.-VNA