MATRADE Facilitates Trade Deals Through High-Level Engagements With Vietnamese Companies
SATURDAY, JULY 29, 2023, KUALA LUMPUR, MALAYSIA: In the effort to increase the bilateral trade between Malaysia and Vietnam, MATRADE has facilitated two (2) business events namely: one-on-one meetings for YB Minister MITI with major Vietnamese importers as well as Malaysia – Vietnam Business Forum in conjunction with YAB Prime Minister’s official visit to Vietnam. MATRADE arranged three (3) high-level one-on-one meetings with top Vietnamese importers from the chemical and pharmaceutical sectors for YB Minister MITI. The meetings resulted in a potential commitment to increase imports of various chemical and food supplement products from Malaysia amounting to an average of RM140 million annually.
The meetings involved Vietnam prominent chemicals & chemical products importers and distributors namely Northern Industrial Chemicals JSC (NIC) and Van Long CDC Investment Trading JSC (VLCDC). NIC, the pioneer in specialised liquid chemical tank farms and the biggest distributor of Methanol in Vietnam, expressed commitment to increase their imports of Methanol as well as other chemical products sourcing from Malaysia. VLCDC, a subsidiary of Van Long Group and one of the major importer and distributor of various chemical products for the construction, textile, agriculture, and automotive industries in Vietnam, looked forward for collaboration with Malaysian companies in importing more chemical products from Malaysia.
The other major importer, TH Health Export-Import Pharmaceuticals JSC (TH Health), a nutraceutical company specialising in the field of active healthcare products under the TH Brand in Vietnam recognised and praised the quality of products sourced from Malaysia. The company was assertive to increase import of health and food supplement products for their customers in Vietnam and other countries. The Malaysia – Vietnam Business Forum with the topic “Policy, Initiatives and Programme for Sustainable Bilateral Trade and Investment Malaysia – Vietnam” was held and attended by nearly 200 participants from various sectors including manufacturing, finance, construction and technology services. The welcoming remarks of the forum were given by YB Minister MITI and YAB Prime Minister as the guest of honour delivered the closing remarks. The forum also featured a panel discussion and dialogue session with YBhg. Datuk Mohd Mustafa Abdul Aziz, Chief Executive Officer of MATRADE and other panel members namely YBhg. Datuk Wira Arham Abdul Rahman, Chief Executive Officer of MIDA, YBhg. Dato' Theng Bee Han, President of Malaysia Business Chamber Vietnam and Mr Nguyen Quang Vinh, Executive Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) sharing insights on the topic with the participants.
The panel discussion emphasised the important contribution of regional partnership and cooperation in strengthening trade and investment in ASEAN as well trade between Malaysia and Vietnam which has achieved steady growth, albeit more can be done for both countries to strengthen the bilateral trade performance to a higher level. According to YBhg. Datuk Mohd Mustafa Abdul Aziz, MATRADE sees strong commitment among Malaysian and Vietnam companies to increase trade. The one-on-one meetings with major Vietnamese importers demonstrated the commitment and trust of the Vietnamese companies in expanding their imports from Malaysia. He also added that Vietnam is as an important trading partner that is well integrated within the global supply chain especially in the sectors such as electric & electronic and chemicals & chemical products. The market also offers great opportunities for cooperation and partnership between companies from both countries. MATRADE has two (2) offices in Vietnam i.e. in Hanoi and Ho Chi Minh City that could help connect Malaysian companies with Vietnamese firms immediately.
Total bilateral trade between Malaysia and Vietnam has increased from USD10.27 billion in 2016 to USD19.44 billion in 2022, an increase of 89.3%.