MATRADE led a group of 17 Malaysian companies to explore strategic business collaborations between Malaysia and local enterprises in the exciting and rapidly growing Vietnamese market, through the Virtual Export Acceleration Mission (EAM) to Vietnam from 23 until 25 November.
“This is part of MATRADE’s initiatives to support the commitment made by both governments in working together to achieve USD 18 billion bilateral trade by 2025”, said YM Raja Badrulnizam Raja Kamalzaman, Director of ASEAN & Oceania MATRADE.
Raja Badrulnizam also added that, despite struggling with the impacts from the pandemic and trade dispute between world’s economic powerhouses, Vietnam has still managed to record a Gross Domestic Products (GDP) growth of 2.9% last year. It was one of the few countries that recorded positive growth amid the COVID-19 situation in 2020.
Vietnam is also actively participating in various free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), Comprehensive and Progressive Agreement for Trans-Pacific (CPTPP), EU – Vietnam Free Trade Agreement (EVFTA) and UK – Vietnam Free Trade Agreement (UKVFTA).
The mission featured 17 Malaysian companies in the machinery, parts & components, cosmetics & personal care products as well as food & beverages, aimed to tap into growing demand in Ho Chi Minh City, Hanoi and surrounding provinces.
These companies offer a wide range of industrial solutions such as data-driven smart solution platform and automation machineries, total beauty care products covering from tip-to-toe, and varieties of prepared meals, ready-to-drink beverages, among others. Apart from providing a platform for Malaysian companies to expand their brands’ footprint in Vietnam, this EAM is also hoped to open opportunities for Vietnamese companies to explore partnership amid uncertainty in the business environment due to the COVID-19 pandemic.
Through MATRADE’s Offices in Ho Chi Minh City and Hanoi, participating Malaysian in Virtual EAM to Vietnam were matched with potential importers, distributors, partners and clients in the online one-to-one business meeting session or better known as eBizMatch throughout the 3-day programme. A total of 142 eBizMatch were arranged with 46 Vietnamese companies, which generated RM 62.67 million of total sales. Major interests recorded for plants’ extracts derived from green biotechnology processes, feminine care and skincare products as well as hair treatment solutions.
Apart from the series of meetings, an online briefing session through a webinar was organised on 23 November in-collaboration with the Investment & Trade Promotion Center of Ho Chi Minh City (ITPC) and the Malaysian Business Chamber of Vietnam (MBC) to share on market updates and business aspects in Vietnam.
MATRADE will continue to leverage on both online and offline platforms to promote Malaysian companies’ capabilities in various industries, particularly in neighbouring ASEAN countries like Vietnam. Malaysian companies that are interested to explore business opportunities in Vietnam, Cambodia and Laos can contact MATRADE Ho Chi Minh City at [email protected].