About 20,000 Vietnamese workers were working in Malaysia. — Photo Reuters

HA NOI (Biz Hub) — Bilateral trade value between Malaysia and Viet Nam is expected to garner more than US$10 billion in 2014.

Malaysian Ambassador to Viet Nam Datuk Azmil Mohammed Zabidi made this statement after attending a dinner with the Malaysian contingent to the ASEAN Skills Competition here last Monday.

Datuk told Bernama that although the trade value seemed small, it was an encouraging figure since Viet Nam was still in the early stages of its development.

The Viet Nam News Agency quoted the ambassador as saying trade ties between the two countries should be further enhanced to enable Kuala Lumpur and Ha Noi to benefit from closer relations.

Datuk revealed that Malaysia's investment in Viet Nam reached $20 billion in the past 20 years and currently, more than 400 Malaysian companies were doing business with Viet Nam, mostly in real estate projects.

Malaysian companies seeking foreign labour should turn to Viet Nam, as it is equipping its youths with skills for the plantation and manufacturing sectors before sending them to work abroad, Azmil said, adding that currently, about 20,000 Vietnamese workers were working in Malaysia.

With a population of about 90 million, Viet Nam provides a significant opportunity in real estate development and Malaysian products, explained Azmil.

"In fact, Malaysian companies are involved in about 450 projects worth $11 billion, either wholly owned or on a joint venture basis," he noted.

He revealed that currently, about 1,500 Malaysian entrepreneurs were registered with the Malaysian Embassy in Viet Nam, with 700 of them doing business in HCM City and the rest in Ha Noi.

Azmil added that apart from enhancing trade and investment between both countries, the embassy was also ironing out constraints faced by Malaysian companies operating in Viet Nam. —VNS