Vietnam, Malaysia target $20bln trade by 2030

These agreements were announced during talks between Vietnamese Prime Minister Pham Minh Chinh and his Malaysian counterpart Anwar Ibrahim in Kuala Lumpur on Sunday.

The meeting took place as part of PM Chinh's official visit to Malaysia from May 24 to 28, during which he is scheduled to attend the 46th ASEAN Summit and related summits starting Monday.

During their discussions, the two PMs expressed satisfaction with the development of bilateral relations in recent times, particularly since the establishment of the comprehensive strategic partnership in November 2024.

Beyond strengthening political and diplomatic ties, economic, trade, and investment cooperation remains a highlight in the relationship. Bilateral trade reached $14.19 billion in 2024, up 12 percent from 2023.

Of this amount, Vietnam exported $5.06 billion worth of goods to Malaysia and imported $9.13 billion from the country.

Building on this growth trend, the two leaders agreed to address trade barriers to enhance two-way trade to $20 billion by 2030, aiming for a more balanced trade relationship for Vietnam.

PM Chinh affirmed Vietnam's readiness to provide a stable and long-term supply of rice to Malaysia. He also proposed that Malaysia support Vietnam in developing its Halal industry and expedite the signing of cooperation documents in this field.

Additionally, both leaders agreed to expand cooperation in the digital economy, circular economy, and green economy.

Currently, Malaysia remains among the top 10 foreign investors in Vietnam, with total registered capital exceeding $13 billion.

PM Anwar Ibrahim highly appreciated the agreement on power grid cooperation, involving a cross-border undersea cable transmission line from Vietnam to Malaysia.

The Vietnam-Malaysia power grid tie is considered part of efforts to realize the ASEAN Power Grid (APG) initiative.

The two sides also agreed to strengthen defense and security cooperation, promote the signing of related documents, discuss the promotion of defense industry cooperation and training, and establish cooperation mechanisms between the navy, air force, and coast guard forces.

Notably, the two leaders emphasized the importance of maritime and ocean cooperation, agreeing to consider establishing a consultation mechanism on maritime issues and setting up a hotline to combat illegal, unreported, and unregulated (IUU) fishing activities.