HANOI, Vietnam: Malaysia-Vietnam agriculture and commodities bilateral trade is expected to touch US$15 billion by 2020 from the current US$12 billion per year, thanks to 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.
In the first seven months of this year, Mah revealed trade turnover for commodity-based commodities and commodity-based products between Malaysia and Vietnam rose 27 per cent to RM2.8 billion from the same period in 2016.
"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 in a statement released here today.
Earlier in the morning, Mah met up with Vietnam's Agriculture and Rural Development Minister Nguyen Xuan Cuong.
Among the trade mission delegates accompanying Mah were representatives from Malaysian Palm Oil Board (MPOB), the Malaysian Palm Oil Council (MPOC), the Malaysian Rubber Board (MRB), the Malaysian Rubber Export Promotion Council (MREPC) and the Malaysian Pepper Board (MPB).
As the chairman of the International Rubber Tripartite Council (ITRC) for 2017, Malaysia via the Plantation and Commodity Industries Minister, 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.
To date, the ITRC comprised of Malaysia, Thailand and Indonesia.
Nguyen assured Mah that Vietnam is committed and prepared to adapt to the resolutions reached by the ITRC member countries at the previous conference in Bangkok, Thailand as an initiative to extend more usage of natural rubber in the construction of the rubberised Road.
Nguyen also said Vietnam would send a delegation to Kuala Lumpur for the next ITRC Conference.