Malaysia, Vietnam Can Complement Each Other’s Growth Ambitions, Says Ambassador

By Vijian Paramasivam

PHNOM PENH, Oct 29 (NNN) -- Malaysia and Vietnam have economic ambitions that closely mirror each other, and while this may bring about stiff competition, it also creates opportunities for deeper cooperation and shared prosperity between the two nations, Malaysia’s Ambassador to Vietnam Jamal Sharifuddin Johan said.

“Malaysia’s economic ambitions closely mirror Vietnam’s own inspiring vision to reach developed nation status and become a high-income nation by 2045.

“While this may intensify competition between Malaysia and Vietnam for investments in strategic sectors, on the flip side, it also creates opportunities for deeper economic complementarity that unlock powerful synergies for shared prosperity,” Jamal said.

He was speaking at a CEO Forum event titled Doing Business with Malaysia, according to a statement from the Malaysian Embassy in Hanoi.

The event was organised by the embassy in the Vietnamese capital on Oct 28.

Describing the growth strategies of the two Southeast Asian economies as complementarity over competition, Jamal said Malaysia and Vietnam enjoy robust trade ties as a result of a Comprehensive Strategic Partnership achieved in 2024.

“By leveraging the Comprehensive Strategic Partnership and reinforcing ASEAN centrality, Malaysia and Vietnam can build regional resilience, navigate global uncertainties, and offer a secure, stable, and competitive hub for trade and investment,” said the ambassador.

Malaysia, he said, is shaping up to become a regional leader in high-value industries by anchoring on three core pillars, namely the New Industrial Master Plan (NIMP 2030) to build high-tech manufacturing, the National Energy Transition Roadmap (NETR) to drive a green energy sector, and the National Semiconductor Strategy (NSS) to spur chip innovation.

The roadmaps could generate enormous trade and investment opportunities for Vietnam, which is striving to become an economic powerhouse in the region, he said.

According to Malaysia’s Trade Statistics in 2025, Vietnam ranked as Malaysia’s 10th largest trading partner. Total trade grew by 19 per cent to US$21.6 billion (RM87.8 billion) last year.

The positive trajectory continued in 2026, with bilateral trade rising 58 per cent to US$23.8 billion (RM96.74 billion) in the first nine months alone, surpassing last year’s total trade, said the statement.

Malaysia is Vietnam’s 10th largest foreign investor with a cumulative 786 projects valued at nearly US$15 billion (RM60.97 billion) and largely concentrated in manufacturing, energy, finance, and real estate.

--NNN