The first Vietnam Market in Malaysia is expected to open in March 2020 in Kuala Lumpur, creating more opportunity to boost exports of Vietnamese products.
The Vietnam Market will cover six floors in the 24-storey Safuan Plaza building owned by Safuan Group, one of Malaysia’s largest private corporations.
It will have 200 stalls dedicated to Vietnamese businesses exporting agricultural products, seafood, handicrafts, fashion, garments and textiles, mechanical engineering products, machinery, cosmetics, exclusive technologies, and firms involved in service sectors.
Speaking at the seminar held in HCM City last Saturday to introduce the Vietnam Market Project, Tansri Matshah Safuan, chairman of Safuan Group, said Safuan Plaza is located in the most dynamic commerce area of Kuala Lumpur, next to big shopping malls, commercial streets and well-known tourist sites.
“I see that a lot of Vietnamese products can be accepted in Malaysia, especially in this area. We aren’t talking about high-end products but mid-end products,” he said. “Many Vietnamese products are sold in this area, but they are in small retail outlets.
“I would like to see businesses from Viet Nam use this complex to trade as a wholesale centre for all Vietnamese products, especially halal garments. I see that many garments bought by Malaysia Muslims come from Viet Nam,” he said.
“I would encourage businesses, especially manufacturers, to use Malaysia as a base to extend your market not only in Malaysia but also ASEAN countries and even countries in the Middle East,” he added.
Malaysia is not competitive in the garment industry because of its labour force composition, so Vietnamese goods are very welcome, he said.
Luong Hue Hien, director of Beyond World Co., Ltd., which is in charge of leasing stalls at the Vietnam Market project, said her company has been collaborating with many Vietnamese companies to bring products and services to countries in the ASEAN Community as a step to reach the global market.
According to the Investment and Trade Promotion of HCM City (ITPC), ITPC in collaboration with Safuan Group will hold the Vietnam Goods Fair at the same time as the opening of the Vietnam Market.
Pham Quoc Anh, Viet Nam’s Commercial Counselor in Malaysia, said, Malaysia is Viet Nam’s sixth largest trading partner in the world and second largest in ASEAN, and one of Viet Nam’s largest rice importers.
Last year, Viet Nam’s exports to Malaysia were worth US$ 8.47 billion, a year on-year increase of 22.9 per cent. Its imports from the market were $4.77 billion, down 15.5 per cent year-on-year, Anh said.
Viet Nam’s key export products to Malaysia include computers, electronic products and components, phones and accessories, iron, steel, glass and glass products, and rice, he added.
Malaysia has demand for import of rice, fruits and vegetables, seafood, coffee, pepper as well as textiles and footwear.
Many exports to Malaysia, which has a large Muslim population, require Halal standards for products like food, medicine, and cosmetics, and must comply with food safety, goods labeling, and traceability regulations.
The event was organised by the Vietnam Exporters Association under ITPC, Safuan Group and Beyond World. — VNS
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