Much space remains for Vietnamese enterprises to boost their exports to Malaysia, according to Mr. Le Phu Cuong, Trade Counselor of the Embassy of Vietnam in the country.

Malaysia is a market with diverse demand and adequate purchasing power, he added. It is also facing a shortage of domestic supply of many essentials such as rice and seafood.

Vietnam and Malaysia are striving to increase bilateral trade value to $25 billion by 2030, according to the Ministry of Industry and Trade.

In order to gain access to the Malaysian market, however, Vietnamese exporters need to meet requirements on food safety and hygiene and especially Halal certification.

Businesses should also stay updated on information and trade potential between the two countries to develop plans to expand and seek investment and trade partners in Malaysia.

Figures from the General Department of Vietnam Customs show that bilateral trade value reached $7.07 billion in the first seven months of 2023, down 21.6 per cent year-on-year.

VnEconomy