Vietnam - Malaysia trade witnesses positive growth
PSNews - By the end of February, Vietnam's exports to Malaysia reached 713 million USD, a rise of 23,46% compared to the same period last year, according to the General Department of Customs.
Accordingly, the largest export items of Vietnam to Malaysia are iron and steel with 128,464 tons, equivalent to a turnover of 125 million USD, up 16.28% in volume but a rise of 59.44% in turnover year-on-year. Iron and steel are also the only items with a turnover of over 100 million USD, by the end of February.
Other notable export items come to smartphones and components; machinery, equipment, tools and spare parts; computers, electronic products, etc.
In relevant to importing field, Vietnam has spent nearly 1.53 billion USD for Malaysia goods, an increase of over 18% over the same period in 2021. Of the goods, there are four groups of imported goods with turnover over 100 million USD including computers, electronic products and components; Petroleum; means of transport and spare parts; chemistry. The strongest increase was in petroleum with a turnover of more than 315.7 million USD, an increase of 57.5%.
The growth of these items comes from large fluctuations in prices. In trade relations with Malaysia, Vietnam suffered a trade deficit, the number of trade deficits. In the past 2 months, it has increased to more than 800 million USD.
To promote the Malaysia - Vietnam trade, especially to increase Malaysia's exports to the Vietnamese market in particular and regional countries in general, Malaysia External Trade Development Corporation (MATRADE) had set out three agendas in combination with creating favourable conditions for Malaysian businesses to invest and export abroad, MATRADE Director of ASEAN and Oceania Raja Badrulnizam Raja Kamalzaman.
The agendas focus on building a sustainable business environment, digitising trade activities, and implementing specific initiatives on the basis of Malaysia’s national trade master plan.
The official invited Vietnamese businesses to participate in the 18th Malaysia International Halal Showcase (MIHAS) 2022 which will take place from September 7-10. As the world's largest Halal exhibition centre, MIHAS would be the best opportunity for Vietnamese companies to expand their Halal market, he noted.
