Vietnam-Malaysia trade to soon reach 20 billion USD

(VOVWORLD) - Vietnam and Malaysia have agreed to increase two-way trade to 20 billion USD in the near future, according to a press conference between Prime Minister Nguyen Xuan Phuc and his Malaysian counterpart Mahathir Mohamad in Hanoi on Tuesday.
Vietnam-Malaysia trade to soon reach 20 billion USD  - ảnh 1 Vietnam and Malaysia discuss a wide range of issue during talks between Prime Minister Nguyen Xuan Phuc and Prime Minister Mahathir Mohamad in Hanoi, August 27, 2019. 

Prime Minister Phuc said the two sides will boost cooperation across the board together with interpersonal  exchanges and establish a Vietnam-Malaysia parliamentarians group.

“We’ll try to raise bilateral trade from the present 15 billion USD  to 20 billion USD in the near future. Malaysia is Vietnam’s 8th largest trade partner.  We encourage investment in infrastructure, energy, tourism, high-tech agriculture, transport, seafood processing, and logistics,” said Prime Minister Phuc.

The two sides said they will cooperate closely in responding to global developments and the promotion of free trade and international integration. The Prime Ministers agreed to fortify Malaysia’s oil and gas company Petronas and PetroVietnam to expand cooperation in oil and gas exploration and services.

“I’m looking forward to implementing the agreements and understanding we have achieved in this course of our discussion both at the restricted meeting and the delegation meeting," said Prime Minister Mahathir Mohamad.

Prime Minister Nguyen Xuan Phuc said both sides will cooperate with ASEAN in ensuring peace, stability, security, and the freedom of navigation and flight over the East Sea, and settling disputes by peaceful means with respect for international law, the UN Convention on the Law of the Sea, and diplomatic and legal processes. They agreed on the principles of not using force or threatening to use force, non-militarization, and full implementation of the Declaration on the Conduct of Parties in the East Sea toward a legally-binding Code of Conduct in the East Sea.