MATRADE facilitates Vietnamese-Malaysian business partnership
Despite global crises, ASEAN reaffirmed its commitment to an open, inclusive, and rules-based trading system which aims to boost trade, investment, and solidify the region as a central hub for regional supply chains.
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| Rosmizah Mat Jusoh, Trade Commissioner of MATRADE in Ho Chi Minh City |
The Association of Southeast Asian nations (ASEAN) has become the third-most populous region globally, following India and China; with 671.7 million combined population of the ten ASEAN Member States (AMS) in 2022. Despite global crises, ASEAN reaffirmed its commitment to an open, inclusive, and rules-based trading system which aims to boost trade, investment, and solidify the region as a central hub for regional supply chains.
As part of the global supply chain, Malaysia and Vietnam have continued to leverage each other's strengths and boost business cooperation in various fields. In 2023, bilateral trade between Malaysia and Vietnam valued at USD11.3 billion, with a significant portion focused on manufactured goods.
Among the top products exported from Malaysia to Vietnam in 2023 were electric and electronic products (47.2%), petroleum products (15.5%), chemicals and chemical products (8.9%), manufactures of metal (4.4%) and palm oil & palm oil-based agricultural products (3.8%).
While top imported products from Vietnam in 2023 were electric and electronic products (35.8%), chemicals & chemical products (13.2%), iron & steel products (10.1%), textiles, apparels and footwear (7.7%) and other agricultural products (7.3%).
According to Rosmizah Mat Jusoh, Trade Commissioner of the Malaysia External Trade Development Corporation (MATRADE) in Ho Chi Minh City, Vietnam is recognized as one of Malaysia’s key trading partners in the region, ranked as the fourth largest trading partner and conversely Malaysia is also regarded as Vietnam’s third biggest trading partner in ASEAN. With the trade facilitation under the ASEAN Trade in Goods Agreement (ATIGA), both nations could complement each other and enhance the bilateral trade towards the trade target of US$18 billion. Among potential areas identified are Halal industry (food & beverage, personal care, and cosmetics), renewable energy, ICT, chemicals and professional services.
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| Malaysia International Halal Showcase (MIHAS) |
With the presence in Hanoi and Ho Chi Minh City, MATRADE will continue to facilitate Vietnamese and Malaysian businesses partnership as well as to explore for a future potential collaboration. One of the iconic events organize by MATRADE is Malaysia International Halal Showcase (MIHAS 2024), where it provides trade connection as well as sharing of expert knowledge on the latest trends and development in the Halal industry, Rosmizah said.
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