Vietnam, Malaysia boost post-pandemic economic cooperation

Senior Director of MITI’s ASEAN Economic Integration Division Jamilah Haji Hassan (R) in an interview with the Vietnam News Agency (Photo: VNA)

Kuala Lumpur (VNA) - There is a really great potential for Vietnam and Malaysia to promote economic cooperation in the post-COVID-19 period, especially in trade and investment, according to an official from the Malaysian Ministry of International Trade & Industry (MITI).

In an interview granted to the Vietnam News Agency on the occasion of the upcoming official visit to Vietnam by Malaysian Prime Minister Dato' Sri Ismail Sabri bin Yaakob on March 20-21,  Senior Director of MITI’s ASEAN Economic Integration Division Jamilah Haji Hassan further said the bilateral trade turnover is hoped to hit 18 billion USD in 2025.

Malaysia became the largest exporter in ASEAN in 2021 with a turnover of up to billions of USD. The country mainly exports to Vietnam items such as electrical and electronic products, chemical products, and petroleum.

Malaysia wants to export palm oil products to Vietnam, while possibly importing larger volumes of means of transport and rice from Vietnam, she said, adding that  Vietnamese rice is of the best quality and most suitable for Malaysia.

Malaysia is also the largest investor in Vietnam in the fields of manufacturing and real estate, the official noted and affirmed that MITI will support capacity building for Vietnamese enterprises in the direction of innovation, creativity, application and hi-tech development.

It is willing to create conditions for research institutions of the two sides to meet and share experiences; and continue to help Vietnam improve the quality of its labour market through providing modern and appropriate labour equipment, she stated.

Jamilah expressed her belief that the cooperation will lay the foundation for the development of Vietnam's high-tech application economy, especially in the manufacturing sector.

Many Malaysian companies are very interested in promoting cooperation with Vietnamese companies in processing Halal products in the context that both countries have strategies on ensuring food security.

Vietnam has been exporting Halal products to the Malaysian market since 2016, with an export turnover reaching 5.32 billion RM in 2016-2020. Malaysia expects Vietnam will become one of the 10 largest Halal food exporters to Malaysia in 2022.

The MITI official also suggested that the two sides consider promoting cooperation in manufacturing electric vehicles, revealing that in 2019, the MITI’s representative office in Vietnam promoted cooperation with FPT Corporation of Vietnam in automation, automatic connection, IoT and robotics projects and the two sides have committed to strengthening their strategic partnership in existing fields and expanding to new areas related to electric and autonomous vehicles.

Vietnam and Malaysia can completely set higher goals in cooperation areas with great potential, especially trade, investment and Halal food, she stressed.

Within ASEAN cooperation, the two sides can also make joint efforts to deploy digital initiatives to apply in green economic development, digital and sustainable economy in the context that ASEAN is accelerating the process of economic recovery and development of the whole region, she said./.