At the signing ceremony (Photo: VNA)
The Vietnam Malaysia Business Association (VMBIZ) and the Malaysia-Vietnam Commerce Chamber (MVCC) signed a memorandum of understanding in Kuala Lumpur on November 14, which is expected to create a new impulse for business partnership and economic-trade ties between the two countries.
Addressing the signing event, Vietnamese Ambassador to Malaysia Le Quy Quynh said, VMBIZ and MVCC, though established in 2017, have actively provided information and supported activities of the two countries’ businesses.
Vietnam and Malaysia traded nearly 9 billion USD in the past nine months, an expansion of 17 percent from the same period last year. Malaysia is the seventh biggest investor in Vietnam, having involved in 500 projects capitalized at 12 billion USD, Quynh said.
Potential for bilateral cooperation remains vastly untapped, the diplomat said, expressing his hope that the MoU will serve as a new driving force for bilateral trade-investment cooperation.
Under the document, VMBIZ and MVCC committed to supporting the health of the two business communities, trade promotion activities, and information sharing, and creating a platform for businesses to seize opportunities and enhance their connectivity.
MVCC President Howard Choo said Vietnam is one of the most dynamic economies in ASEAN and the country’s official ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) would enable the two countries to make new strides in their economic-trade ties.
MVCC will work together with VMBIZ to realize ambitious goals in bilateral trade and investment cooperation set by the two countries’ leaders, he said.
Ngo Sy Tuyen, VMBIZ President, said the signing of the MoU with MVCC will allow businesses to accelerate their partnership and activities and explore their strength for the enhanced friendship and cooperation between Vietnam and Malaysia./.