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Malaysia-Vietnam trade grew 21.2% to RM2.34 bln in 1H17

Malaysia-Vietnam trade grew 21.2% to RM2.34 bln in 1H17

KUALA LUMPUR: The bilateral trade between Malaysia and Vietnam grew 21.2 per cent to RM2.34 billion in the first half of 2017 (1H17) compared with RM1.93 billion recorded in the same period last year, said Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong. He said exports of commodity products to Vietnam surged 22.6 per cent to RM1.52 billion in 1H17 against RM1.24 billion recorded in the same period of 2016. “The remarkable export performance in 1H17 was underpinned by higher exports of all major commodity products to Vietnam, namely, palm oil (+27.4 per cent) and rubber (+32.6 per cent),” he said in a statement today. In 2016, Malaysia-Vietnam total bilateral trade in commodities increased 1.9 per cent to RM4.37 billion against RM4.29 billion recorded in 2015.

Export of Malaysia’s commodity products to Vietnam was valued at RM2.73 billion in 2016, led by the export of palm products worth RM1.84 billion. Mah extended his congratulations to Vietnam as the country will celebrate its 72nd independence day on Sept 2, 2017. Malaysia and Vietnam, under the Framework of ASEAN Trade in Goods Agreement, are committed to achieve deeper economic linkages among members, which included increasing trade, lowering business costs, creating a larger market with greater opportunities and larger economies of scale for the businesses of member countries.