Malaysians hype up new investments
Malaysians hype up new investments
Within the framework of Malaysian Prime Minister Ismail Sabri Yaakob’s visit to Vietnam, groups like Gamuda Land are already proving the major potential for Malaysian and Vietnamese businesses to create new cooperation deals across various ventures.
In mid-March, Malaysian Minister of International Trade and Industry Mohamed Azmin Ali visited Gamuda City, developed by Gamuda Land – one of the largest Malaysian investors in Vietnam.
Dennis Ng Teck Yow, general director of Gamuda Land Vietnam, said that this was the second time the minister had visited Yen So Park, and was further impressed after a 4km cycle around the lake. Yen So Park used to be one of the more polluted places in Hanoi with very few visitors. However, the park has since been transformed into a cultural destination and high-quality urban area for the capital city.
“Gamuda is a successful example of Malaysian businesses in Vietnam. Since the joint venture entered the country, Gamuda has invested about $500 million over the past decade, contributing to the construction of Vietnam and improving social infrastructure as well as supporting the development of the community,” Minister Ali said.
There is enormous potential for Malaysia and Vietnam to further strengthen bilateral ties on the occasion of the 50th anniversary of Malaysia-Vietnam diplomatic relations in 2023; therefore, the Malaysian minister set high expectations.
Malaysian minister applauds Vietnamese progress
For the second time visiting Vietnam, Minister of International Trade and Industry Mohamed Azmin Ali was very active in updating his working progress and feelings on Facebook.
After the visit to Yen So Park, the minister posted, “I was impressed by Yen So Park the most as I had the opportunity to cycle around the lake, which is naturally covered with greenery. This is one of the initiatives to develop native tree and plant species with innovative technologies that promote biodiversity. I learned that nearly 10,000 people visit Yen So Park every weekend with their families.”
Following a visit to FPT Software, the minister added, “I visited the FPT Software office two days ago and it has really opened my eyes. I learned a lot about the global leading technology and IT services provider, with a revenue of nearly $2 billion and currently employing 36,000 people.”
As of late 2021, Vietnam remained Malaysia’s 11th largest trading partner, while Malaysia is Vietnam’s ninth-largest trading partner, with the bilateral trade turnover of $16.71 billion.
Minister Ali believed that these figures are still below the potential of both countries. He said, “In a previous meeting with Vietnamese Minister of Industry and Trade Nguyen Hong Dien, we expressed our intention to increase our bilateral trade turnover to $18 billion by 2025. In the recent meeting on March 21, prime ministers Pham Minh Chinh and Ismail Sabri Yaakob have also agreed to further improve this ambitious targets.”
Among them, the Halal market holds tremendous opportunities for the two countries. With extensive experience of Halal products, Malaysian companies are willing to cooperate with Vietnamese partners to achieve Halal certificates to expand to the potential market of Islamic countries.
Two sides are also discussing partnerships in the energy sector. Accordingly, Malaysia can supply a stable source of gas to Vietnam. “Petronas, Malaysia’s largest petroleum group, can supply 30,000 barrels of oil to Vietnam. In the long term, the two sides will have a more thorough agreement between Petronas and the competent company in Vietnam on this issue,” the minister added.
Although the investment flow from Vietnam to Malaysia has yet to live up to expectations, Minister Ali said that some industries such as IT and automation can lead to financing activities from Vietnam to Malaysia.
During the visit, FPT Corporation agreed to develop an IT centre at the Malaysian IT Development Centre in Malaysia. FPT promises to train thousands of employees in Kuala Lumpur and Sabah and, currently, there are many clients in Malaysia who want to cooperate with the Vietnamese IT group.
“I have had the opportunity to meet with 23 Vietnamese and Malaysian companies in Vietnam from various fields including aviation, energy, and financial services,” Minister Ali explained. “We had very productive meetings, and we believe that bilateral trade and investment ties between the two countries will be very exciting in the near future.”
