Agriculture, commodity trade seen touching US$15b by 2020
HANOI: Malaysia-Vietnam agriculture and commodities bilateral trade is expected to touch US$15 billion (RM63.6 billion) by 2020 from the current US$12 billion per year, thanks to a win-win collaboration.
“We hope to see agriculture and commodities bilateral trade with Vietnam reach US$15 billion by 2020 as we intensify collaboration for the mutual benefit of both nations,” said Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong.
Mah said in the first seven months of the year, trade turnover for commodity-based commodities and commoditybased products between Malaysia and Vietnam rose 27 per cent over the same period last year to RM2.8 billion.
“Exports of palm oil to Vietnam was 27 per cent higher, topping RM1.3 billion. Rubber exports also went up by 29 per cent to RM254 million,” he said yesterday.
Earlier, Mah met with Vietnam’s Agriculture and Rural Development Minister Nguyen Xuan Cuong.
Trade mission delegates who accompanied Mah were from the Malaysian Palm Oil Board, the Malaysian Palm Oil Counci, the Malaysian Rubber Board, the Malaysian Rubber Export Promotion Council and the Malaysian Pepper Board.
As the chairman of the International Rubber Tripartite Council this year, Malaysia has extended rubber-producing countries’ invitation to Vietnam to be a full member so as to strengthen the function of this government-to-government body. Ooi Tee Ching