HCM City welcomes Malaysian firms’ long-term investment: official hinh anh 1Vice Chairman of the HCM City People’s Committee Le Thanh Liem (fourth, right), Malaysian Minister of Primary Industries Teresa Kok Suh Sim (sixth, left) and other officials at the meeting on September 12 (Photo: VNA)

HCM City (VNA) – Vice Chairman of the Ho Chi Minh City People’s Committee Le Thanh Liem hosted a reception on September 12 for Malaysian Minister of Primary Industries Teresa Kok Suh Sim, who is leading a delegation of Malaysian businesses on a working visit to the southern hub of Vietnam.

Liem voiced his delight at the flourishing relations between Vietnam and Malaysia, especially in economy.

On the basis of sound economic ties between the two countries, HCM City wants to further enhance cooperation with Malaysia, including its localities and businesses, in trade, investment and the fields of mutual concern, thereby bringing about practical benefits to both sides and contributing to the common prosperity in the region, he noted.

Liem said leaders of the city will pay a working trip to Malaysia in the near future so as to share experience in socio-economic development and climate change response.

The Vice Chairman added HCM City highly values Malaysia’s strength in processing products of industrial trees, and it welcomes Malaysian enterprises’ long-term investment in the processing of agricultural and industrial tree products.

For her part, Minister Teresa Kok Suh Sim said in the official visit to Vietnam in late August, Malaysian Prime Minister Mahathir Mohamad was impressed by Vietnam’s development potential, and he has encouraged the country’s ministries and sectors to strengthen trade and investment ties with Vietnam.

She said Vietnam is currently the 13th largest trade partner of Malaysia, and her country hopes that bilateral trade will keep increasing in the coming time.

Highlighting Malaysia’s potential in primary industries like palm oil, coconut, pepper and rubber processing, she said as more than 50 percent of the country’s palm oil export volume is destined for Vietnam, Malaysia wants to further boost cooperation projects with Vietnam, including HCM City, in the processing and the export-import of international-standard palm oil products.

At present, Malaysia is the eighth biggest trade partner of Vietnam with bilateral trade topping 11 billion USD in 2018. It has invested in 568 projects in Vietnam, which in turn has invested in 19 projects in Malaysia.

Malaysia ranks fourth among the 106 countries and territories investing in HCM City with 246 projects worth over 4.6 billion USD./.