Kuala Lumpur (VNA) – Potential for cooperation between Vietnam and Malaysia, particularly in the food industry, has been introduced to Malaysian partners and attendees within the framework of the ongoing Selangor International Business Summit (SBIS) 2024 in Kuala Lumpur.

In his presentation, Vietnamese Commercial Counsellor in Malaysia Le Phu Cuong highlighted the remarkable growth and potential of the country’s food sector. With a population of approximately 100 million and a predominantly young workforce, Vietnam has effectively carried out its agricultural export strategies, focusing on key products such as rice, coffee, and high-quality fresh fruits.

In 2023, Vietnam's total export value of agricultural products reached 26.4 billion USD, up 17% compared to 2022. While imports of Vietnamese goods declined in Europe and the Americas, the Asian market saw a 6.8% increase in imports of agro-forestry-aquatic products.

Vietnam's key staples exported to Malaysia include tea, coffee, pepper, and rice, with rice exports alone reaching over 345 million USD last year. Notably, in the first eight months of this year, Malaysia imported as much rice from Vietnam as it did throughout 2023. Several Vietnamese fruit products, such as longan, lychee, passion fruit, and red-fleshed dragon fruit, have gained popularity in the Malaysian market.

Cuong expressed his enthusiasm about the growing number of Vietnamese businesses collaborating with the Vietnam Trade Office to showcase their products in Malaysia. He went on to say that the trade office committed to supporting businesses in finding partners and facilitate their entry into the Malaysian market, aiming to promote Vietnamese goods on the world market.

SIBS is an eagerly anticipated annual event for businesses, serving as a vital platform to promote cross-border trade, facilitate connections, showcase creativity, and expand business networks throughout the Association of Southeast Asian Nations (ASEAN). The event generated potential transaction values of up to 4 billion USD last year.

Running from October 16-19, this year’s edition features over 650 food and beverage exhibition booths and several workshops on halal standards, smart cities, and digital economy. It is expected to welcome around 12,000 visitors from 18 countries and territories, including Indonesia, China, Japan, the Republic of Korea, Vietnam, Thailand, Kenya, and Myanmar./.