HO CHI MINH CITY, 4 DECEMBER 2024 – The Malaysia External Trade Development Corporation (MATRADE) is committed to further promoting Mid-Tier Companies (MTCs) as global champions, particularly within the ASEAN region, through a Market Immersion Mission to Ho Chi Minh City, Vietnam, from December 4 to 6, 2024.
The mission will be participated by five (5) MTCs from the professional services (engineering and electrical), construction and building materials, and fast-moving consumer goods (FMCG) sectors. Designed to explore export opportunities and strengthen trade ties with key Vietnamese partners, the mission aims to showcase the competitiveness of Malaysian mid-tier companies in global supply chains. Furthermore, it will provide participants with valuable insights and current market trends in the ASEAN region.
Chief Executive Officer of MATRADE, Datuk Mohd Mustafa Abdul Aziz said, “This mission highlights our commitment to empowering Malaysian companies to seize opportunities in Vietnam’s high-growth market. By cultivating strategic partnerships and championing sustainable and innovative solutions, MATRADE aims to position Malaysia as a global leader across diverse industries through the Mid-Tier Companies Development Programme (MTCDP).”
“As a cornerstone of the Go-to-Market phase of the MTCDP, this programme is our flagship effort to propel Malaysian businesses onto the global stage, enhancing their international presence,” he added.
Datuk Mohd Mustafa noted that the signing of the Memorandum of Understanding between MATRADE and The Viet Nam Trade Promotion Agency (VIETRADE) represents a pivotal milestone in strengthening the collaboration between Malaysia and Vietnam. It symbolises both nations’ shared commitment to nurturing stronger economic ties, opening new avenues for trade, and driving sustainable growth. The MoU will provide opportunities for businesses to thrive, subsequently strengthening the ASEAN economic community’s position in the global market.
During this mission, participants will engage with the Ho Chi Minh Union of Business Association (HUBA), the Malaysia Business Chamber Vietnam, and Deloitte Vietnam through pre-arranged business matching sessions. Participants will also have dedicated pitching opportunities with prominent Vietnamese importers, buyers, and key stakeholders. Additionally, workshops on understanding the Vietnamese business landscape and sector insights will be held to complement the networking sessions facilitated by MATRADE Ho Chi Minh City.
As one of ASEAN’s fastest-growing economies, Vietnam offers substantial opportunities for Malaysian companies seeking to expand their market presence. Mohd Firdaus Mohammad, Assistant Trade Commissioner at MATRADE Ho Chi Minh, stated, “With the ASEAN Chairmanship officially commencing on January 1, 2025, we believe this mission is ideally timed to maximise exposure and engagement. It provides participating companies a unique platform to connect with key Vietnamese stakeholders, further supporting Malaysia’s vision of becoming a world-class provider of goods and services.”
Malaysia and Vietnam enjoy a robust and growing economic partnership, underpinned by their membership in ASEAN and a mutual commitment to regional economic integration. In the first tenth month of 2024 total trade between Malaysia and Vietnam reached RM70.70 billion (USD15.35 billion), positioning the latter as Malaysia’s 10th largest trading partner. Vietnam ranked as Malaysia’s 8th largest export destination, with exports valued at RM46.28 billion (USD10.03 billion). The country was also Malaysia’s 14th largest source of imports, with imports amounting to RM24.42 billion (USD5.31 billion). Key exports to Vietnam included electrical & electronic products,
petroleum products, chemical & chemical products, manufactures of metal as well as machinery, equipment & parts.
The MTCDP was introduced in 2014 as one of the Malaysian Government’s high-impact capacity-building programmes under the Tenth Malaysian Plan, aimed at accelerating the export growth of MTCs towards becoming regional and global champions. To date, 348 MTCs from various sectors including electrical & electronics, aerospace, automotive, machinery & equipment and oil & gas have benefited from the programme.
MTCDP aims to enhance the marketability of export-oriented MTCs with annual revenues ranging from RM50 million to RM500 million for manufacturing companies, and RM20 million to RM500 million for services companies. Companies within these revenue categories are encouraged to contact [email protected] for more information about the programme.
