VN, Malaysia target $15 billion in bilateral trade

May 17, 2019 - 08:10
Việt Nam and Malaysia have agreed to enhance economic cooperation to increase two-way trade turnover to US$15 billion or higher by 2020.


Deputy Prime Minister and Foreign Minister Phạm Bình Minh (R) meets Malaysian Foreign Minister Saifuddin Abdullah in Hà Nội yesterday. — VNA/VNS Photo Lâm Khánh 

HÀ NỘI — Việt Nam and Malaysia have agreed to enhance economic cooperation to increase two-way trade to US$15 billion by next year.

The agreement was reached during talks between Deputy Prime Minister and Foreign Minister Phạm Bình Minh and Malaysian Foreign Minister Saifuddin Abdullah in Hà Nội yesterday.

They agreed to cooperate to remove barriers and create favourable conditions for businesses to cooperate, particularly in potential fields of urban development, renewable energy, electronic production and agro-forestry and fisheries.

They pointed to the need to increase exchanges of high-ranking delegations to deepen the strategic partnerships.

The two sides committed to promote mechanisms and sign new cooperation agreements in defence and security.

They discussed measures to improve efficiency in other important fields, including education and training, labour, transport, information and communication, and culture and tourism.

Deputy PM Minh said the first visit to Việt Nam by the Malaysian Minister would play an important part in strengthening and speeding up the strategic partnerships.

Minister Abdullah said Malaysia always attached great important to developing cooperation with Việt Nam in all fields.

The two sides discussed regional and international issues.

Meeting with PM

Việt Nam always treasures its relations with Malaysia, one of the country’s important partners in the region, Prime Minister Nguyễn Xuân Phúc said while meeting the Minister later that day.

PM Phúc said both foreign ministries should work to carry out measures to foster relations and cooperation in the future.
Abdullah said the Malaysian PM wishes to enhance cooperative ties with Việt Nam and suggested both nations bolster cooperation beyond traditional fields to Industry 4.0  and robotics.
PM Phúc welcomed the Malaysian diplomat’s recommendations, highlighting that Việt Nam has potential in these fields.
The Vietnamese Government leader said that due attention should be paid to lever cooperation in high-quality infrastructure development, high technology, logistics, and energy.
The Vietnamese Government committed to providing favourable conditions for Malaysian corporations to do business in Việt Nam, he said.
Regarding the East Sea issue, PM Phúc agreed with the Malaysian FM’s viewpoint on a consensus in ASEAN on accelerating negotiations of the Code of Conduct in the waters with China.
He said all parties must respect international laws, particularly the 1982 United Nations Convention on Law of the Sea (UNCLOS 1982), and ensure security, safety, and freedom of aviation and navigation in the region. — VNS