MATRADE, Vietrade To Strengthen Bilateral Trade Promotion

KUALA LUMPUR, Nov 22 (Bernama) -- The Malaysia External Trade Development Corporation (MATRADE) and the Vietnam Trade Promotion Agency (VIETRADE) have taken a significant step in collaborating strategically to create new business opportunities, enhance economic resilience, and drive bilateral trade growth.

In a statement today, MATRADE said the collaboration with VIETRADE will include organising joint trade promotion activities such as trade fairs, seminars and missions, as well as facilitating exchange visits to foster direct engagement.

Yesterday, MARTRADE exchanged a memorandum of understanding (MoU) with VIETRADE at Prime Minister Anwar Ibrahim’s office in Putrajaya. MATRADE was represented by its deputy chief executive officer, Mansor Shah, while VIETRADE was represented by its director-general, Vu Ba Phu.

MATRADE said the MoU will provide a strategic framework for trade promotion and economic collaboration.

“The partnership also emphasises capacity building to enhance enterprise competitiveness and includes a commitment to promoting halal industry through collaborative events,” it said.

Among the areas of cooperation is the exchange of market information to benefit the business communities of both nations.

“Other areas are organising joint trade promotion activities such as trade fairs, seminars and missions and facilitating exchange visits to foster direct engagement,” it said.

MATRADE noted that the partnership symbolised the trust and shared vision between Malaysia and Vietnam, aligning with Prime Minister Datuk Seri Anwar Ibrahim’s vision to support trade growth among ASEAN countries.

In addition, the agency said the bilateral trade between Malaysia and Vietnam is on a positive trajectory.

“From January to October 2024, total trade increased by 8.4 per cent to RM70.70 billion compared to RM65.23 billion during the same period last year.

“Malaysia’s exports to Vietnam grew by 10.1 per cent to RM46.28 billion, while imports from Vietnam rose by 5.3 per cent to RM24.42 billion,” MATRADE said.

MATRADE added that Vietnam remains a key trading partner for Malaysia, ranking as its 10th largest trading partner, eighth largest export destination and 13th largest import source.

-- BERNAMA