Malaysia and Vietnam to boost bilateral trade

PUTRAJAYA: Malaysia and Vietnam are committed to increase trade between the two countries.

Prime Minister Datuk Seri Najib Tun Razak said Malaysia is the eighth largest investor in Vietnam and has already expressed an interest to further increase investments to USD15 billion by 2020 . He further said  the bilateral trade between both countries was expected to reach USD10 billion this year.

“Almost 50% of that investment comes from Petronas’ investment in Vietnam. Today, Petronas and PetroVietnam signed an agreement to extend their exploration activities in Vietnam,” said Najib, at a joint press conference on Friday at Perdana Putra with Vietnam Prime Minister Nguyen Tan Dung, who is on an official visit to Malaysia.

“We have also agreed to look into possibility of having tripartite joint venture with respect to the overlapping areas between both countries and Thailand to explore and develop oil and gas resources.” he mentioned in a joint press conference with his Vietnam counterpart Nguyen Tan Dung at Perdana Putra, today

As of April 2015, 493 projects worth 10.8 billion USD are invested in Vietnam by Malaysian businesses.Vietnam is also running 11 projects valued at over 800 million USD in total in Malaysia.

Earlier, Najib and Nguyen signed the joint statement on framework for strategic partnership between Malaysian and Vietnamese governments. They also inked the Memorandum of Understanding (MoU) between both governments on the employment of workers. Malaysia-Vietnam cooperation in labour also has also been prominent; about 60,000 Vietnamese labourers are currently working in Malaysia.

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