Malaysia - Vietnam-Malaysia trade to hit US$6b by year-end

Trade between Vietnam and Malaysia is expected to hit US$6 billion (RM18.9 billion) by year-end.

“The friendship and cooperative relations between the two countries have been developing strongly and I’m confident that we will meet the figure,” said Vu Van Canh, head trade counsellor at Vietnam’s embassy in Kuala Lumpur.

Canh, speaking to Business Times after a seminar on “Opportunities in Halal Industry” and Vietnam-Malaysia business matching, said for the first half of this year, the trade number had hit more than US$3 billion (RM9.45 billion). In 2010, bilateral trade was about US$5 billion (RM15.8 billion).

“The value of trade turnover between the two countries has continuously risen with more Malaysian investors doing business in Vietnam,” he said.

Crude oil, rice and steel products were Vietnam’s major exports to Malaysia, while its main imports were petroleum products, computers, electronics and spare parts.

Currently, Malaysia is Vietnam’s third largest trading partner in Asean and the first among Asean investors.

BTimes

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