The Malaysian government through the Ministry of International Trade and Industry (MITI) is committed to ensuring that its business ecosystem will grow from strength to strength, augmenting even deeper the current robust trade and investment ties between Malaysia and Vietnam.
Senior Minister Mohamed Azmin Ali said being the ninth largest foreign investor, Malaysia’s presence in Vietnam is a positive trajectory for enhanced bilateral trade while investment linkages is clearly on the horizon, making Vietnam an important investment destination, especially in utilities, manufacturing and real estate development across the country.
“It is a matter of pride to see prominent Malaysian companies investing and operating in contributing to the socioeconomic advancement by way of providing employment to the Vietnamese people, while availing the vast opportunities to compete on a global scale.
“While COVID-19 has impacted businesses and trade performance, nevertheless, given the high percentage of the adult population being fully vaccinated, both countries are set to move towards transitioning to the endemic phase where international borders are opened,†he said in a Twitter posting.
Mohamed Azmin, together with Foreign Minister Saifuddin Abdullah, earlier accompanied Prime Minister Ismail Sabri Yaakob to a Meet and Greet Business Session with three of Vietnam’s industry captains in Hanoi on Sunday.
Mohamed Azmin said trade will get more seamless while disruptions to the supply chain are reduced.
“Coupled with the entering into force of the Regional Comprehensive Economic Partnership (RCEP), I also strongly encouraged the business community here (Vietnam) to take the opportunity on the expanded market access offered as it would also provide intra-regional sourcing of raw materials at competitive cost, further deepening the supply chain integration within the region.
“All in all, it was a very good exchange of views. I listened to the candid and frank perspectives and there is much merit in some of the very constructive suggestions made which MITI will follow through.
“Vietnamese businesses are excited that international borders between Vietnam and Malaysia are reopening, as this will help expedite economic recovery and reconnect people-to-people ties after two years of closure.
“Conversation centred on the construction, aviation and automotive sectors underpinned by the affinity that both countries have towards each other, ranging from trade and investment to tourism and cultural exchanges,†he added.
Mohamed Azmin said noteworthy indeed is the fact that many Vietnamese companies, including these three, employ a sizable number of Malaysians at both personnel and management levels, with most Malaysians considering Vietnam as their second home.
“It was interesting to hear that GAMI Group is interested in pursuing collaboration with Malaysian companies on electric vehicle (EV) projects whereas VietJet is ready to fly to Kuala Lumpur and in fact, will resume their route between Vietnam and Malaysia starting April 1, 2022.
“Hoa Binh Construction Group, in particular, is very supportive and receptive of incorporating environmental, social and governance (ESG) elements into their business operations and plans on real estate development,†he said, adding that the ties suit well with Malaysia’s national investment aspirations that place ESG as one of its core pillars.
He said the business session underscores the importance not just of maintaining but enhancing trade ties with Vietnam, taking into account the enormous potential awaiting to be tapped, as well as the deeper social and cultural linkages that could be forged. ■