Vietnam & Malaysia target $18bln in trade by 2025

Vietnamese and Malaysian Government leaders have agreed to work to raise two-way trade to $18 billion by 2025 in a balanced manner.

During talks in Hanoi on July 20, Prime Minister Pham Minh Chinh and his Malaysian counterpart Anwar Ibrahim also agreed to minimize the use of trade barriers and facilitate the export and import of commodities where they hold potential and strengths, such as agricultural and aquatic products, food, electronic components, and construction materials.

They agreed to foster cooperation in the digital economy, the circular economy, the green economy, and the sharing economy.

The two countries will consider renewing aviation and tourism cooperation agreements, increase flights connecting the two, and foster ties in education and training, labor, agriculture, culture, and sports, according to the two Prime Ministers.

Trade between the two countries reached $14.8 billion last year, for year-on-year growth of 17.9 per cent.

Malaysia is also among the top 10 largest investors in Vietnam, with 718 valid projects and capital of $13 billion.

It is now Vietnam’s second-largest trade partner in ASEAN and ninth-largest in the world.