Kuala Lumpur (VNA) - Bilateral trade between Vietnam and Malaysia has recorded remarkable growth over the past decade, rising from 8 billion USD in 2015 to 14.2 billion USD in 2024, and is well on track to reach the target of 18 billion USD ahead of schedule.

According to Vietnamese Trade Counsellor in Malaysia Le Phu Cuong, since the two countries elevated their relationship to a strategic partnership in 2015, Malaysia’s exports to Vietnam have soared by around 160%. This surge reflects Vietnam’s growing demand for essential production inputs such as fuel, electronic components, and petroleum products, which are crucial for its export-oriented economy.

Meanwhile, Vietnam’s exports to Malaysia have also risen by more than 80%, with notable gains in agricultural and processed goods.

In 2024, Vietnamese rice emerged as one of Malaysia’s top three imports, alongside electronics and steel. Coffee exports from Vietnam also posted robust growth, driven by Malaysia’s limited domestic production.

On the investment front, by the end of April 2025, Malaysian investors had 770 valid projects in Vietnam, with total registered capital nearing 13.6 billion USD. Malaysia ranks 10th among 150 countries and territories investing in Vietnam, and third within the Association of Southeast Asian Nations (ASEAN).

Malaysian investment spans 18 out of Vietnam’s 21 economic sectors. The largest share is in education and training, with seven projects worth over 3.6 billion USD. This is followed by the manufacturing and processing industry, with 249 projects totalling nearly 2.9 billion USD (21.2% of total investment), and the power and gas sector, with five projects worth almost 2.5 billion USD (18.2%).

Conversely, Vietnamese investors have invested in 27 projects in Malaysia with total registered capital of 854.8 million USD, largely concentrated on mining (804.2 million USD). Other areas of investment include professional, scientific and technical services (43.7 million USD), as well as wholesale, retail, and vehicle repair.

Cuong noted that Vietnamese businesses face intensifying competition in the Malaysian market, which has free trade agreements not only with Vietnam but also with other regional economies such as China, Thailand, and Indonesia. He urged Vietnamese firms to make greater efforts and strategic engagement to secure a firm foothold in this market./.