VALUE OF MALAYSIAN BUSINESS VENTURES IN VIETNAM EXCEEDS US$13 BLN -- PM ANWAR

KUALA LUMPUR, Nov 21 (Bernama) -- Malaysian business ventures in Vietnam have exceeded US$13 billion (US$1=RM4.46) in value, according to Prime Minister Datuk Seri Anwar Ibrahim.

He said there are over 700 Malaysian projects there, attributing it to the support given by Vietnam towards business ventures between the two countries.

“Vietnam has been very supportive of our business ventures.That means the support of the Vietnamese authorities has been positive and forthcoming and they continue to support us on the ASEAN chair,” he told reporters at the Prime Minister’s Office in Putrajaya today.

He was speaking at a joint press conference with the General Secretary of the Central Committee of the Communist Party of Vietnam, To Lam.

Earlier, Anwar held a bilateral meeting with Lam, which began his three-day official visit to Malaysia today, in a move to boost strategic partnership between the two countries. 

Both leaders also witnessed the exchange of a memorandum of understanding (MoU) between the Malaysia External Trade Development Corporation (MATRADE) and Vietnam Trade Promotion Agency (VIETRADE) to enhance trade promotion.

Apart from that, they also witnessed the exchange of a memorandum of collaboration between Petroliam National Bhd (Petronas) and PetroVietnam in the field of renewable energy.

This is Lam’s first visit to Malaysia since being elected head of the Communist Party of Vietnam in August this year.

Meanwhile, in a joint statement, the two countries said they will strengthen economic cohesion for sustainable growth as a contribution to common development and prosperity.

This includes promoting linkages between the two economies through cooperation and mutual complement and striving for a bilateral trade target of US$18 billion or higher, towards balance and mutual benefit, they said.

Apart from that, Malaysia and Vietnam have also agreed to exchange information on regulations and policies related to each country's potential imports and exports, to strengthen cooperation to develop the halal industry as well as to encourage businesses in one country to expand investment in the other country’s market.

They also plan to ensure shared benefits from oil and gas cooperation and consider establishing a mechanism to jointly develop cooperation in overlapping areas, if any, said the statement.

Last year, Vietnam ranked as Malaysia's 11th largest trading partner globally and fourth largest partner within ASEAN.

Bilateral trade between Malaysia and Vietnam stood at RM80 billion, with exports from Malaysia to Vietnam valued at RM52 billion.

-- BERNAMA