MITI Secures RM3.3 Billion in Potential Exports During Trade & Investment Mission to Vietnam

In a testament to Malaysia’s expanding economic engagements within Southeast Asia, the Ministry of Investment, Trade and Industry (MITI) successfully secured RM3.3 billion in potential exports during a recent Trade and Investment Mission (TIM) to Vietnam. The mission, which spanned from 8 to 10 July 2024, strategically covered Hanoi and Ho Chi Minh City, and underscored Malaysia’s commitment to deepening bilateral trade ties with Vietnam.

The mission, led by YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry (MITI), included senior representatives from MIDA and the Malaysia External Trade Development Corporation (MATRADE). This concerted effort culminated in 14 Vietnamese companies committing to source a diverse range of Malaysian products, including electrical and electronics (E&E), palm oil, chemicals and petrochemicals, iron and steel, food and beverages, and fast-moving consumer goods.

A key event was a business programme in Ho Chi Minh City on 10 July 2024, where Vietnamese industry leaders expressed interest in exploring collaborative opportunities in Malaysia.

The MITI Minister remarked, “We are pleased with the RM3.3 billion in potential exports secured from our brief mission to Vietnam. This mission acts as a catalyst for the growth and establishment of strategic business-to-business partnerships between Malaysian and Vietnamese companies while enhancing bilateral cooperation. Our next priority is to ensure that we quickly and efficiently follow through on these commitments to bolster GDP growth and create job opportunities for our people.”

High-level meetings with key Vietnamese officials, including Prime Minister, H.E. Phạm Minh Chính, Minister of Planning & Investment, H.E. Nguyen Chi Dzung, and Minister of Industry and Trade, H.E. Nguyen Hong Dien underscored the mission’s success.

The Fourth Malaysia-Vietnam Joint Trade Committee Meeting (4th JTC) on 9 July 2024, facilitated discussions on enhancing trade and investment ties. Key outcomes included MOUs between Vietnam Trade Promotion Agency (VIETRADE) and MATRADE, and on agriculture cooperation. Discussions also covered the Halal industry, green economy partnerships, and support for Malaysia’s ASEAN Chairmanship in 2025.

In 2023, Vietnam was Malaysia’s 11th largest trading partner, while Malaysia ranked as Vietnam’s 10th largest trading partner globally with bilateral trade volume reaching USD17.38 billion (RM79.42 billion). Vietnam also remains a key investment destination for Malaysia, particularly in real estate development, utilities, financial services, and manufacturing, with Malaysia registering 717 projects in Vietnam valued at USD13.1 billion as of 2023.

This mission reinforces the strong economic relationship between Malaysia and Vietnam, setting the stage for continued collaboration and mutual growth.