Speaking to Tuoi Tre, Malaysian Minister of Investment, Trade and Industry ZAFRUL ABDUL AZIZ affirmed that Halal industrial cooperation between the two countries can help Vietnamese food reach Muslims around the world. Mr. Zafrul has just completed a working trip to Vietnam within the framework of the fourth meeting of the Vietnam - Malaysia Joint Trade Committee with many positive results in promoting trade between the two countries.

Great opportunity for Vietnamese food

* Could you share the results of your business trip to Vietnam? - I had a productive business trip with many achievements. We discussed cooperation in the Halal industry with the Vietnamese Government, and exchanged views on a number of areas related to digital transformation, green transformation, the food and beverage industry (F&B) and agriculture. One of the breakthroughs achieved by both sides was to enhance understanding on how to promote Halal cooperation between the two countries. We want to support Vietnam in improving its capacity in the Halal value chain. The CEO of the Malaysian Halal Industry Development Corporation (HDC) personally participated in this business trip. We are preparing a Memorandum of Understanding (MoU) between HDC and Vietnam. Malaysia has also proposed that Vietnam establish a specialized agency for the development of the Halal industry and received consensus. In addition, the two countries have agreed on the goal of developing bilateral trade. Both sides want total trade turnover to reach 18 billion USD by 2025. * Could the Minister tell us more about Halal cooperation between the two countries? - The Halal market in the world is very large. As far as I know, by 2030, this market could be worth up to 5,000 billion USD. When products meet Halal standards, you can sell them to both Muslim and non-Muslim markets. This is killing two birds with one stone. Vietnam is a major agricultural exporter. Malaysia imports coffee and rice from Vietnam. I believe that if Halal standards are met, many other Vietnamese products can enter the Malaysian market strongly. Without the certification of standards, you cannot export to my country. Even if you can export, no one will buy because people only buy Halal products. Therefore, Malaysia and Vietnam have had a particularly in-depth discussion on Halal certification. In the world, Malaysia's Halal certification is one of the most sought-after certifications because it is issued by the government, not an independent organization. With Malaysia's Halal certification, Vietnamese enterprises can export to the whole world. Therefore, I believe that the discussion on Halal certification is not limited to bilateral trade. The Halal industry in Vietnam is still in its early stages. Previously, we had to work with many different independent parties. From now on, we can officially exchange with a government agency. * Vietnam and Malaysia aim to reach bilateral trade turnover of 18 billion USD in 2025 and 25 billion USD in 2030. According to the minister, what are the specific areas that the two sides need to focus on promoting to achieve the above goals? - When looking at the areas where the two countries have strengths and considering trade activities, the number 1 import-export sector is electricity and electronics (E&E). This will still be the key sector, leading in bilateral trade. The second sector is chemicals and petrochemicals. This is a relatively important sector between the two countries. The third is agriculture, this is an area we can improve and the two sides are preparing to sign two related MoUs. The above three sectors will play a key role in promoting the development of trade between the two countries. * How do Malaysian businesses evaluate the investment environment in Vietnam? - I had the opportunity to talk with Prime Minister Pham Minh Chinh and discuss many issues, especially investment. Malaysian businesses have been doing business in Vietnam for many years, in many fields with a total investment value of Malaysia in Vietnam of at least 13 billion USD. In general, Malaysian businesses are very optimistic about Vietnam's development potential. Looking at the economy and demographic characteristics of Vietnam, we see an economic growth rate of over 5% in 2024 and a very young population, which means many business opportunities. The areas in which Malaysian businesses are investing heavily include real estate, banking and manufacturing. Another area that I think Malaysia can participate in, and has also been discussed at the government level, is renewable energy. We have companies like Petronas that are very interested in investing in wind power, not only to serve the Vietnamese market but also to export to other ASEAN countries. * What do you think about digital transformation and digital economy cooperation between Malaysia and Vietnam? - Digital transformation plays an important role. I believe we all want to see the whole ASEAN region develop and each country in it develop. One way to do that is to empower companies, including small and medium enterprises (SMEs). SMEs can only succeed when they have scale, and the only way to have scale is to engage in e-commerce. We need to encourage more items to be sold on multiple platforms, making it easier for users to buy. However, trading between ASEAN countries is not easy because of different policies and different payment systems. We need to synchronize and standardize those issues. During its Chairmanship year 2025, Malaysia aims to finalize the ASEAN Digital Economy Framework Agreement. This process officially starts in 2023 and there is still a lot of work to be done. We want an ASEAN framework agreement to make it easier to make payments across any platform. Once completed, any business, large or small, in Malaysia, Vietnam, Indonesia or Singapore can participate.