The Viet Nam Business Association in Malaysia (VMBIZ) and the Malaysia-Vietnam Commerce Chamber (MVCC) signed a memorandum of understanding (MoU) in Kuala Lumpur on Wednesday which is expected to create new incentives for business partnerships and economic-trade ties between the two countries.

Under the document, VMBIZ and MVCC committed to supporting the health of the two business communities, trade promotion activities, sharing information and creating a platform for businesses to seize opportunities and enhance their connectivity.

MVCC President Howard Choo said Viet Nam is one of the most dynamic economies in ASEAN and the country’s official ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) would enable the two countries to make new strides in their economic relationship.

MVCC will work together with VMBIZ to realise the ambitious goals in bilateral trade and investment co-operation set by the two countries’ leaders, Choo said.

VMBIZ President Ngo Sy Tuyen said the MoU will allow businesses to accelerate their partnership activities and explore their strengths while enhancing the friendship between Viet Nam and Malaysia.

Addressing the signing event, Vietnamese Ambassador to Malaysia Le Quy Quynh said VMBIZ and MVCC, though established in 2017, have already provided information and supported activities of the two countries’ businesses.

The bilateral trade reached nearly US$9 billion in the past nine months, a rise of 17 per cent from the same period last year. Malaysia is the seventh biggest investor in Viet Nam, with 500 projects capitalised at $12 billion, Quynh said.

Potential for bilateral co-operation remains vastly untapped, the diplomat said, expressing his hope that the MoU will serve as a new driving force for bilateral trade-investment cooperation. — VNS