Post COVID-19: Vietnam sees Malaysia as potential export market

KUALA LUMPUR 17 July - Malaysia could become one of Vietnam’s biggest export markets in ASEAN post COVID-19.

Deputy director of  Ho Chi Minh City Investment and Trade Promotion Centre (ITPC), Nguyen Tuan said that in a seminar on exports to Malaysia, held in Ho Chi Minh City, yesterday.

He stated, the economic and trade cooperation between the countries has been growing in recent years. 

“Due to the pandemic, in the first half of the year Vietnam’s exports to Malaysia declined by 17.4%year-on-year to US$1.6 billion.

“The pandemic has severely affected almost all socio-economic aspects like health, transportation, tourism, education and trade,” said Tuan as quoted from Vietnam News Agency (VNA).

Vietnam and Malaysia are members of the ASEAN Economic Community (AEC) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

In 2016, Malaysia became Vietnam’s second largest trading partner in ASEAN after Thailand, surpassed Singapore.

As Malaysia is largely populated by Muslim, Vietnam’s exports must meet the former’s halal standard. 

Apart from Vietnam’s farm produce and seafood products, Malaysia also exports computers, electronic products and parts, mobile phones, iron and steel, glass products, and more. 

Meantime, the country imports petroleum, electronic components, plastics, chemicals, and textiles from Malaysia. - DagangNews.com