Ample room remains for economic, trade and investment cooperation between Vietnam and Malaysia and the target of $20 billion in their two-way trade is feasible, Prime Minister Pham Minh Chinh told visiting Malaysian Minister of Investment, Trade and Industry Zafrul Abdul Aziz in Hanoi on July 8, the Government News has reported.

Speaking at a reception for the Malaysian minister, PM Chinh proposed the two countries to seek breakthrough solutions to boost economic, trade and investment cooperation.

He reaffirmed that Malaysia remains one of Vietnam's key partners, particularly in such fields as trade and investment. 

The PM called on Malaysian enterprises to boost investments in Vietnam, especially in such fields as  digital transformation, green transition, clean energy as well as emerging fronts like innovation, artificial intelligence, and cybersecurity.

Minister Aziz said Malaysia wishes to strengthen the economic, trade and investment cooperation with Vietnam, particularly in Halal industry, digital transformation, green transition, wind power, innovation and AI.

Malaysia is Vietnam's third largest trading partner in ASEAN and tenth largest trading partner globally, with the two-way trade reaching $12.7 billion in 2023 and $6.2 billion in the first five months of this year.

Malaysia is also one of the biggest foreign investors in Vietnam with total registered capital of over $13 billion.