Friday March 8, 2013
Malaysia-Vietnam 2012 bilateral trade hit RM28bil
KUALA LUMPUR: Malaysia-Vietnam bilateral trade increased significantly last year, rising by 25.3% to reach US$9.03bil (RM27.96bil), said the International Trade and Industry Ministry (Miti).
In a statement, the ministry said Malaysia’s exports to Vietnam last year were US$3.82bil, while imports registered US$5.2bil.
“Malaysian investments in Vietnam have been growing and generated mutual benefits for both countries, and according to Vietnamese data, Malaysian investments in the country amounted to US$12bil.
“Major sectors of investment include mining and quarrying, manufacturing, construction and financing,” it said.
The second meeting of the Malaysia-Vietnam Joint Trade Committee (JTC), held yesterday in Hanoi, was co-chaired by International Trade and Industry Minister Datuk Seri Mustapa Mohamed and Vietnam Minister of Industry and Trade, Vu Huy Hoang.
Both ministers agreed on the need to further facilitate business activities, whereby both countries could develop product-specific mutual recognition arrangements.
Mustapa also highlighted some of the problems reported by local companies in exporting to Vietnam, including the need for repetitive testing of products and frequent requests for verification of preferential certificates of origin.
Meanwhile, Vietnam encouraged Malaysian companies to positively consider establishing joint ventures in the development of rubber and palm oil industries. – Bernama