Malaysian businesses had invested in 329 projects in Ho Chi Minh City as of the first quarter of 2023, with total registered capital of nearly $4.9 billion, according to Mr. Phu Lu, Deputy Director of the Ho Chi Minh City Center of Trade and Investment Promotion.

Malaysia currently ranks sixth among 116 countries and territories investing in the city.

Import and export value between the two hit $5.4 billion in 2022, up 8 per cent year-on-year.

Malaysia is one of the ten biggest trade partners of Vietnam and there remains much potential to promote economic, trade, and investment cooperation, Mr. Lu said at a meeting held to mark the 50th anniversary of the establishment of diplomatic ties between the two countries in Ho Chi Minh City on June 13.

Two-way trade turnover between Vietnam and Malaysia reached nearly $14.8 billion in 2022. The two countries target increasing two-way trade value to $18 billion by 2025.

Ms. Rosmizah Binti Mat Jusoh, Trade Commissioner of the Malaysian Consulate in Ho Chi Minh City, told the meeting that many Malaysian businesses want to seek partners for long-term trade and investment in Vietnam.

She committed to supporting businesses from the two countries to boost trade and cooperation.