Hanoi: Bilateral trade between Malaysia and Vietnam last year jumped 4.4 per cent to US$18.14 billion (RM83.11 billion) from US$17.38 billion recorded in 2023, indicating improved trade activities between the two ASEAN member countries. Malaysian ambassador to Vietnam Datuk Tan Yang Thai said the 2024 bilateral trade between the two countries represented a recovery from a 10.6 per cent decline recorded in the previous year.
According to BERNAMA News Agency, Malaysia's exports to Vietnam grew by 3.3 per cent to US$11.74 billion (RM53.86 billion), reflecting strong demand in Vietnam for Malaysia's electrical and electronic products and petroleum products. Imports from Vietnam remained stable, with a marginal increase of 6.4 per cent to US$6.40 billion (RM29.25 billion). Malaysia's trade surplus continued to grow, reaching US$5.34 billion (RM24.61 billion) despite a slight drop of 0.2 per cent compared to 2023.
The figures highlight both countries' achievements in surpassing the trade target set under the Plan of Action (POA) 2021-2025 for the second time, following 2022. Vietnam was Malaysia's 11th largest trading partner in 2024, accounting for a 2.9 per cent share of Malaysia's total trade. Vietnam was also Malaysia's 10th largest export destination, with a 3.6 per cent share and 13th largest source of imports, making up 2.1 per cent of Malaysia's imports.
Within ASEAN, Vietnam consistently ranked as Malaysia's 4th largest trading partner in 2024, also being the fourth largest export destination and the fourth largest source of imports in the bloc. These rankings underscore the depth of Malaysia-Vietnam trade relations and highlight Vietnam's importance as a key regional partner for Malaysia.
Prime Minister Datuk Seri Anwar Ibrahim will undertake a two-day working visit to Vietnam beginning today, where he is scheduled to deliver a keynote address at the ASEAN Future Forum (AFF) 2025, Wisma Putra said in a statement today. The forum serves as an inclusive platform for discussions and dialogue among ASEAN leaders, policymakers, experts, think tanks, business leaders, and stakeholders regarding ASEAN's future direction.
According to Wisma Putra, Anwar will also call on the General Secretary of the Communist Party of Vietnam To Lam, the President of Vietnam Luong Cuong, and meet the country's Prime Minister Pham Minh Chinh. The meetings will provide an opportunity for both countries to chart a clear path for strengthening bilateral cooperation under the framework of the Comprehensive Strategic Partnership.
The discussions will focus on strategic areas, including trade and investment, defence and security, maritime economy, science and technology, energy, and tourism, as well as joint efforts to address illegal, unreported and unregulated (IUU) fishing. The leaders are also expected to exchange views on regional issues.
Malaysia established diplomatic relations with Vietnam on March 30, 1973, and both countries celebrated the 50th anniversary of the establishment of diplomatic relations in 2023. In 2024, during the official visit of To Lam to Malaysia in November 2024, both countries agreed to elevate the countries' diplomatic relations to a Comprehensive Strategic Partnership.