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| Tyres being manufactured at Caosumina Company. The company has joined with many foreign firms, including those from Malaysia to foster production. Bilateral trade between Viet Nam and Malaysia is expected to reach a record high this year. — VNA/VNS Photo Thanh Vu |
HA NOI (Biz Hub)— Vietnamese businesses are being encouraged to invest strongly in Malaysia in order to capitalise on the nation's rising import demands.
The Viet Nam Chamber of Commerce and Industry (VCCI) says Malaysia imported goods worth US$168 billion in 2011, a rise of $51 billion from 2009.
For the first time in decades, last year Viet Nam achieved a trade surplus of over $1 billion with Malaysia. Two-way trade also rose 17 per cent in 2012 to $7.9 billion.
Statistics from the Viet Nam Customs Department show that bilateral trade continued to flourish in the first seven months of this year, with Vietnamese exports generating $2.87 billion.
Major exports include crude oil, rubber, rice, computers and spare parts, phone handsets, coffee, seafood, steel, vehicles, machinery and equipment.
Viet Nam mainly imports oil and fat, petrol, chemicals, plastic materials, timber and dairy products from Malaysia.
Shazryll Zahiran, Malaysian Consul General in HCM City, says the two countries have signed a total of 13 bilateral agreements, creating plenty of opportunity for an increase in bilateral co-operation in investment, trade, banking, education, tourism, labour, sports, security and national defence.
Vu Van Canh, a Vietnamese trade counsellor in Malaysia, says bilateral trade is expected to reach a record high this year as the Malaysian economy has already recovered from the global economic slowdown and is developing well.
According to Canh, two-way trade this year is estimated to hit up to $9 billion, of which $5.2 billion is from Vietnamese exports.
As of July 20, 2013 Malaysia had invested in 445 projects capitalised at $10.2 billion in Viet Nam, ranking it eighth among foreign investors and second among ASEAN backers in the country.
By March 2013, Viet Nam had nine investment projects in Malaysia, worth a total registered capital of $413 million. — VNS