NCCIM-VIETNAM South West region in talks to boost ties

KUALA LUMPUR: The National Chamber of Commerce and Industry of Malaysia (NCCIM) and Vietnam's Steering Committee of the South West Region met today to discuss business opportunities and potential investments in both countries.

NCCIM's vice president, Tan Sri KK Eswaran, said the Vietnamese delegation was here on a study visit to learn the success stories of Malaysia's privatisation model as well the New Economic Model.

He said among the possible areas of cooperation were aquaculture, agricultural-based industry, infrastructure development and power plants.

"The visit from Vietnam, which is part of its national chamber, signifies the country's agreement to hand over the chairmanship of the Asean Chamber of Commerce and Industry to Malaysia next year, which follow the rotation of the Asean Chair," Eswaran said.

He said bilateral economic relations had been developing and expanding in many areas with Malaysia, currently the eighth largest investor in Vietnam with investment totalling US$10.4 billion.

"Total bilateral trade in the past three years increased by 67% to exceed US$9 billion and the trade between the two countries was expected to increase to US$11 billion by end-2015," he told Bernama after the meeting.

For January to August 2014, Malaysia's trade with Vietnam amounted to US$5.8 billion, down 10.9% from same period last year with exports amounting to US$2.7 billion and imports US$3.13 billion.

Eswaran said NCCIM would lead a delegation to Vietnam next April, especially to South West Region, to look into seafood products and explore the agriculture sector and other potential investment areas.

Meanwhile, Vice Chief of Standing Commission of Steering Committee for the South West Region, Nguyen Phong Quang, said the agency was mandated by the country's prime minister to establish connections with investors in neighbouring countries, especially with Malaysia, which would assume Asean chairmanship next year.

He said Vietnam was looking to further strengthen bilateral relationship and the mission was to attract investments to South West region, via cooperation with NCCIM.

"We are also looking to enhance cooperation with Malaysian companies on halal food segment by leveraging on Malaysia's good relations with the Muslim world to market the halal products," he said.

Currently, about 300 companies had their products certified by Department of Islamic Development Malaysia, with halal food exports to Malaysia worth about US$200 million a year, he said. – Bernama