Bilateral trade between Viet Nam and Malaysia should be strengthened further as the two countries have set a two-way trade target of US$15 billion by 2020.

During a dialogue with 20 Malaysian firms in Kuala Lumpur on Thursday, Vietnamese ambassador Pham Cao Phong answered many queries and promised to convey the suggestions made to Vietnamese authorities.

Malaysian firms spoke highly of Viet Nam’s trade policies and offered suggestions to increase exports to Malaysia, including conducting marketing campaigns at home and abroad, building and promoting trademarks for favourable products and improving the quality of food preservation. Malaysia currently imports agro-forestry-fishery, iron and steel products from Viet Nam.

Several Malaysian firms also expressed interest in building processing plants and preservation warehouses in Viet Nam.

At the event, the Vietnamese embassy and Malaysian firms agreed to establish a Malaysia-Viet Nam Trade Office in Malaysia, which will represent Malaysian firms doing business in Viet Nam.

On the same day, a roundtable conference was held between Vietnamese and Malaysian firms in Ha Noi. In his speech at the event, deputy minister of industry and trade Do Thang Hai said the two countries have yet to explore the full potential of trade exchange.

Viet Nam could ensure a steady supply of agricultural products such as rice, tea, coffee, seafood and pepper to Malaysia on a long-term basis, Hai said, even as he invited Malaysian firms to come to study Viet Nam’s market and seek new business opportunities.

Hai suggested that the two governments review trade rules and clear obstacles relating to administrative procedures, customs, standards and quarantines.

Both countries need to share their experience and technology transfer in the fields of energy, oil and gas, mechanical manufacturing and agri-fishery product processing. There should also be closer co-operation to develop value chains in oil and gas, agriculture, seafood, footwear, garment and textile, and support industry, Hai said.

At their end, Zafrul Tengku Abdul Aziz, president of Kuala Lumpur Business Club, invited Vietnamese enterprises to visit Malaysia to exploit investment opportunities.

Two-way trade between the two nations touched US$6.8 billion in the first 10 months of this year, up 3.4 per cent year-on-year, according to the General Statistics Office.

During this period, Viet Nam exported $2.7 billion worth of goods to Malaysia, down 14 per cent, while its imports witnessed a yearly rise of 19 per cent, to $4.1 billion.

Bilateral trade would likely reach $8.1 billion by year-end, which will be 4.3 per cent higher than 2015, the Ministry of Industry and Trade has forecast. Of this, Viet Nam’s exports would be $3.2 billion and its imports may hit $4.9 billion, which suggests that Viet Nam will see a trade deficit of around $1.7 billion, nearly three times higher than that seen in the previous year.

In terms of investment, Malaysia has pumped $412 million into Viet Nam over the past 11 months, ranking 11th among the 68 countries and territories investing in the country, as per data from the Foreign Investment Agency. – VNS