Vietnam, Malaysia Hold Joint Trade Commission
Mar. 8 – The Malaysian International Trade and Industry Ministry (MITI) announced that bilateral trade between Malaysia and Vietnam surged by 25.3 percent to reach US$9.03 billion over the past year. Vietnam’s exports to Malaysia registered US$5.2 billion, while Malaysia exported US$3.83 billion to Vietnam.
This news came off the heels of the second meeting of the Malaysia-Vietnam Joint Trade Committee (JTC) which was held this week in Hanoi. Co-chaired by Malaysia’s International Trade and Industry Minister Datuk Seri Mustapa Mohamed and Vietnam’s Minister of Industry and Trade Vu Huy Hoang, the JTC’s discussions focused on how to improve bilateral trade ties to further promote economic and trade cooperation between each country.
Both sides agreed to create more favorable conditions for cooperation in the fields of trade, investment, agriculture and industry, and to further open their respective markets through sharing market information and the dissemination of regulations and rules to enterprises. Both ministers also agreed to further facilitate business activities through which both countries could develop mutual product-specific recognition arrangements.
Vietnam also encouraged Malaysian companies to consider establishing joint ventures in Vietnam in order to develop the rubber and palm oil industries.
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