Vietnam - Malaysia trade exchange saw growth
Monday, February 5,2018
AsemconnectVietnam - Vietnam and Malaysia are the important trade partners of each other in the region as well as in the world.
Vietnam’s exports to Malaysia reached over US$ 10 billion in 2017
Malaysia is now the 8th biggest trade partner of Vietnam after China, South Korea, the U.S, EU, Japan, Taiwan and Thailand. Vietnam is the 12th biggest trade partner of Malaysia.
Last year, the bilateral trade exchange between Vietnam and Malaysia increased by 19.1 per cent year – on – year to US$ 10.07 billion, showed the statistics figures of the General Department of Customs.
Of the figure, the exports of goods to Malaysia increased by nearly 26 per cent to $ 4.21 billion; and the imports of goods from Malaysia increased by 13.3 per cent to $ 5.86 billion.
Computers, electronics and components were leading the list of 39 major items exported by the country to Malaysia last year with the export turnover of $ 1.12 billion, up by 30.2 per cent year – on - year and accounted for 26.5 per cent of the total. It was followed by telephones and components with $ 593.42 million, up by 33.8 per cent; and then iron and steel with $ 244.32 million, up by 112.4 per cent; crude oil - $ 222.14 million, up by 18.2 per cent; rice - $ 210.01 million, up by 79.4 per cent; glass and products - $ 197.43 million, up by 23.6 per cent year – on - year.
In 2017, the country’s exports of petroleum to Malaysia increased sharply by 154 per cent to $ 49.48 million; while the exports of coal to Malaysia reached $ 39.85 million, up by 140.4 per cent; rubber products - $ 11.89 million, up by 114 per cent; iron and steel of all kinds - $ 244.321 million, up by 112.4 per cent; chemicals - $ 7.11 million, up by 101.7 per cent; rice - $ 210.01 million, up by 79.4 per cent.
However, the country’s exports of pepper to Malaysia decreased by 37.5 per cent to $ 7.66 million; ordinary metals – down by 30.6 per cent to $ 25.71 million; and iron and steel products – down by 27.1 per cent to $ 28.57 million.
Vietnam’s imports of goods from Malaysia increased over 13.3 per cent in 2017
Vietnam’s imports of almost all items from Malaysia saw year – on – year growth in 2017. The imports of LPG rocketed by 300 per cent.
The country imported US$ 5.86 billion worth of goods from Malaysia last year, increased by 13.3 per cent over the year of 2016, showed the statistics figures of the General Department of Customs.
Petroleum was leading the list of items imported by the country from Malaysia last year with $ 1.25 billion, up by 1.8 per cent year – on - year and accounted for 21.3 per cent of the total. It was followed by computers, electronics and components with $ 1.15 billion, up by 19.4 per cent; and then machines, equipment and spare parts with $ 660.65 million, up by 54.3 per cent; oil and grease - $ 478.76 million, up by 13.6 per cent; plastics - $ 254.21 million, up by 9 per cent; and other ordinary metals – $ 231.2 million, up by 18.4 per cent year – on – year.
Last year, the country’s imports of LPG (liquefied petroleum gas) from Malaysia rocketed by 300 per cent to % 5.45 million; oil products – up by 86 per cent to $ 73.34 million; minerals – up by 73.3 per cent to $ 3.14 million; glass and products – up by 70.6 per cent to $ 16.91 million; fertilizer of all kinds – up by 63.6 per cent to $ 37.01 million; machines, equipment and spare parts – up by 54.3 per cent to $ 660.65 million; and rubber – up by 51.4 per cent to $ 28.899 million.
Malaysia is now the 15th biggest investor in Vietnam. By December 20, 2017, Malaysia had 28 FDI projects with the total registered capital of $ 122.77 million.
CK
Source: VITIC
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