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Vietnam, Malaysia Should Lift Bilateral Trade to US$20 Billion by 2025

Updated: Jan 24, 2022

Vietnamese President Nguyen Xuan Phuc wants to see Vietnam and Malaysia lift bilateral trade to US$20 billion by 2025, from the US$12.5 billion recorded last year.

He said this during a reception for outgoing Malaysian ambassador to Vietnam, Datuk Sharifah Norhana Syed Mustaffa on Thursday.

According to Vietnam News Agency (VNA), Phuc highly regarded the Malaysian diplomat for her outstanding contributions to promoting the strategic partnership between the two countries during her mission in Vietnam.

Vietnam and Malaysia have boasted effective partnership at regional and global forums thanks to her efforts to strengthen information exchange between the two sides, he said.

He highlighted that the bilateral ties have grown constantly in various fields despite COVID-19 challenges, with two-way trade reaching US$12.5 billion in 2021, up 25.5 per cent from the previous year.

There is plenty of room for bilateral trade and investment to thrive, Phuc noted.

He expected Malaysia to facilitate imports of Vietnamese goods, especially agricultural and Halal products as well as cooperation in education, tourism, and labour, and mutual recognition of each other’s vaccine passport; and recover post-pandemic cooperation outlined in the Action Plan for the 2021-2025 period.

Phuc also asked the two sides to coordinate more closely so they can work together with other ASEAN member states to promote the bloc’s unity, common voice and centrality in ensuring peace, security and stability in the East Sea, promote the implementation of the Declaration on the Conduct of Parties in the East Sea (DOC) and negotiate for an effective and practical Code of Conduct for the East Sea (COC) in line with international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS).

Sharifah Norhana, meanwhile described Vietnam as a fast-growing economy and one of the most successful emerging markets.

She hoped that Vietnam and Malaysia will advance their relations to a new height, particularly in trade and investment.

Source: Bernama

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