MATRADE and Vietrade to Strengthen Bilateral Trade Promotion
PUTRAJAYA, 22 NOVEMBER 2024 (FRIDAY): The Malaysia External Trade Development Corporation (MATRADE) and the Vietnam Trade Promotion Agency (VIETRADE) have taken a significant step toward strengthening economic ties with the exchange of a Memorandum of Understanding (MoU) at Malaysia’s Prime Minister’s Office yesterday.
This event was held in conjunction with the General Secretary of the Communist Party of Vietnam Central Committee To Lam’s three-day official visit to Malaysia, at the invitation of Malaysian Prime Minister YAB Dato' Seri Anwar Ibrahim. Both leaders witnessed the exchange which was attended by Minister of Investment, Trade & Industry (MITI), YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz. MATRADE was represented by YBrs. Mr. Mansor Shah Wahid, Deputy CEO of MATRADE while VIETRADE was represented by Mr. Vu Ba Phu, the Director General of VIETRADE.
The MoU marks a milestone in Malaysia-Vietnam bilateral relations, providing a strategic framework for trade promotion and economic collaboration. By combining the strengths of MATRADE and VIETRADE, this partnership aims to create new opportunities for businesses, enhance economic resilience and drive bilateral trade growth.
As national trade promotion agencies, MATRADE (trade promotion agency under MITI) and VIETRADE share a common goal of supporting businesses in achieving global success. VIETRADE’s roles lies in regulating and promoting Vietnam’s trade and investment sectors, connecting Vietnamese enterprises with international partners. Meanwhile, MATRADE focuses on expanding the global footprint of Malaysian exporters.
The MoU outlines several key areas of cooperation. These include the exchange of market information to benefit the business communities of both nations, organising joint trade promotion activities such as trade fairs, seminars & missions and facilitating exchange visits to foster direct engagement. The partnership also emphasises on capacity building to enhance enterprise competitiveness and includes a commitment to promoting the Halal industry through collaborative events.
The MoU symbolises the trust and shared vision between Malaysia and Vietnam and this collaboration is in line with our Prime Minister, YAB Dato' Seri Anwar Ibrahim vision to support the growth of trade between ASEAN countries. This partnership will also accelerate trade growth, create impactful opportunities for businesses in both countries and strengthen resilience in the face of evolving global challenges.
The bilateral trade between Malaysia and Vietnam is on a positive trajectory. From January to October 2024, total trade increased by 8.4% to RM70.70 billion (USD15.35 billion) compared to RM65.23 billion (USD14.34 billion) during the same period last year. Malaysia’s exports to Vietnam grew by 10.1% to RM46.28 billion (USD10.03 billion), while imports from Vietnam rose by 5.3% to RM24.42 billion (USD5.31 billion). Vietnam remains a key trading partner for Malaysia, ranking as its 10th largest trading partner, 8th largest export destination and 13th largest import source.
MATRADE remains committed to supporting Malaysian exporters and promoting Malaysia’s dynamic trade sector. Malaysian companies looking to explore opportunities in the Vietnamese market are encouraged to contact MATRADE Ho Chi Minh City and MATRADE Hanoi via email (This email address is being protected from spambots. You need JavaScript enabled to view it. / This email address is being protected from spambots. You need JavaScript enabled to view it.) or through its social media platforms (Facebook, Twitter, Instagram & LinkedIn). These two offices in Vietnam are among the nine MATRADE offices in ASEAN.
