Malaysia and Vietnam should exploit the vast potential in economic sectors in both countries to boost their trade and investment ties, as well as economic strengths.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the two countries were looking to collaborate in the oil and gas, construction and manufacturing sectors, which are high on the list of investments.
"Vietnamese companies have expressed their interests in Malaysia's Pengerang Integrated Petroleum Complex development in Johor. We found out recently that manufacturing and oil and gas are areas they are looking into," he told reporters after the Malaysia-Vietnam Business Roundtable Meeting here, today.
Malaysia is currently Vietnam's eighth largest investor with US$9.3 billion in total trade, constituting 2.5 per cent of Malaysia's global trade, and seventh largest source of foreign direct investment (FDI) as of September 2016 with cumulative FDIs amounting to US$12 billion in 547 projects.
Among the major Malaysian investors in Vietnam are Berjaya Corporation Bhd, Janakuasa Sdn Bhd and Gamuda Bhd.
Vietnam, meanwhile, is the top exporter of cashews and black pepper, second largest for coffee and cassava and third largest for rice and fisheries.
Mustapa said the presence of Malaysian companies in ASEAN countries had complemented the government's efforts to increase trade and investments in the region.
He said the government had acknowledged the role Malaysian companies had played to enhance the economic integration within ASEAN.
"We have been working closely with them (private companies) about five to six years. The government has to rely more on the private sector to complement what we are doing. We realised that resources are limited, therefore, we should leverage (their presence in ASEAN countries)," said Mustapa.
Source: BERNAMA
Key words: Malaysia, Vietnam, to cooperate in O&G, construction & manufacturing sectors
