HCM City (VNS/VNA) - Vietnam and Malaysia, one of its mostimportant trading partners, have set a bilateral trade target of 18billion USD by 2025.

Speaking at a meeting on June 12, Tran Phu Lu, deputy director ofHCM City Investment and Trade Promotion Centre (ITPC), said the city willcontinue to improve its business climate and streamline administrativereform, including creating favourable conditions for Malaysian investors.

The ITPC under the city administration regularly organises activities tosupport city businesses to promote trade and investment, and expand exportmarkets, he said.

Vietnam and Malaysia have vowed to strengthen cooperation in tourism, culture,and science and technology, among other sectors, he said.

The visit by the Malaysian Prime Minister to Vietnam last year confirmed thestrategic relationship between the two countries, he added.

Bilateral trade reached nearly 14.8 billion USD last year with Vietnameseexports to Malaysia worth 5.57 billion USD and imports 9.1 billion USD. 

HCM City’s total imports and exports with Malaysia last yearwere estimated at over 5.4 billion USD, up 8% year-on-year.
As of the end of March, Malaysia invested in 329 projects in HCMCity with a total investment of nearly 4.9 billion USD, ranking sixth out of116 countries and territories investing in the city. 

Malaysia is one of Vietnam’s 10 largest trading partners. The two countries arealso members of a number of new-generation free trade agreements, which helpboost bilateral trade.

The free trade agreements include the Regional Comprehensive EconomicPartnership (RCEP), the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP), the ASEAN Trade in Goods Agreement (ATIGA)and the ASEAN Free Trade Area (AFTA).

Key Vietnamese exports to Malaysia include machinery and equipment and theirparts, computers, electronics and components, steel, petroleum, and chemicals.

The two countries established diplomatic relations in 1973, which were upgradedto a strategic partnership in 2015./.