Economic cooperation – main pillar of Vietnam-Malaysia relations

Prof. Dr Awang Azman Awang Pawi from the Kuala Lumpur-based University of Malaya. (Photo: VNA)

The bilateral trade has seen significant growth, reaching nearly 10 billion USD in the first eight months of 2024, a 15.2% rise year-on-year, which demonstrates both countries’ commitments to strengthening the economic ties and expanding their trade investment portfolio.

One of the areas where they are particularly eager to collaborate is high technology and digital innovation, he said, adding as Malaysia embarks on its journey to become a digital economy hub, its city Putrajaya views Vietnam as a valuable partner for sharing technology and expertise.

Vietnam's rapid advancements in technology and digitalisation make it an ideal partner for Malaysia in this sector, where both stand to benefit from technology transfer and joint ventures, the professor continued.

Awang noted his belief that the investment ties will also grow further in the time ahead as Malaysia's expertise in infrastructure development, Halal industry certification, and renewable energy presents significant opportunities for Vietnamese businesses to collaborate with Malaysian partners.

He highlighted Vietnam's interest in expanding its Halal industry, with Malaysia offering its expertise, which could pave the way for Vietnamese companies to enter the global Halal market worth trillions of US dollars, while also boosting economic cooperation between the two nations.

Regarding tourism, another crucial cooperation field, the professor said Malaysia has emerged as the second-largest source of ASEAN tourists to Vietnam, with over 360,000 Malaysian visitors to Vietnam in the first nine months of this year.

Awang held that apart from economic and strategic cooperation, people-to-people exchange remains a key component of the bilateral relations, adding people-to-people diplomacy helps foster the two countries’ goodwill and mutual respect.

In 2025 when Malaysia performs the ASEAN Chair, there will be huge opportunities for the two countries to enhance their relations. They will focus on key issues such as digital innovation, inclusivity, and sustainability.

Prime Minister Anwar Ibrahim’s vision for ASEAN emphasises unity, shared prosperity, and regional resilience. Malaysia's partnership with Vietnam, particularly in addressing common challenges, such as food security and energy security, will be crucial to achieving these goals. Both countries are ready to play a leading role in shaping the future of ASEAN, ensuring the region remains a stronghold of peace, stability, and economic growth.

The professor concluded that under PM Ibrahim’s leadership, the bilateral ties have reached a new height, highlighted by a strong economic relationship, strategic cooperation, and a shared commitment to addressing regional challenges./.