Vietnam and Malaysia are set to enhance collaboration in emerging industries, leveraging their complementary strengths in digital transformation, semiconductor, artificial intelligence, and electric vehicle (EV) production. This partnership aims to foster economic growth and development in both countries.
12 May 2024 – Vietnam and Malaysia are poised to strengthen collaboration in various emerging industries, including digital transformation, semiconductor, artificial intelligence, and electric vehicle (EV) production. This move comes as both countries recognize the complementary strengths they possess in these sectors, as highlighted by Le Phu Cuong, Trade Counsellor to Malaysia.
Cuong emphasized Vietnam’s advantage in high-quality human resources, which complements Malaysia’s expertise in electrical and electronic production and semiconductors. According to Cuong, by joining forces, both countries can reduce research costs and gain valuable experience, particularly in Malaysia’s well-established electrical and electronics manufacturing infrastructure.
Moreover, Malaysia’s significant incentives to attract investment in EV production offer a promising opportunity for Vietnam. With tax exemptions and other incentives in place, Malaysia is actively encouraging investment in this sector, already hosting major EV manufacturers such as Tesla and BMW.
Raja Badrulnizam from the Malaysia External Trade Development Corporation (MATRADE) highlighted Malaysia’s economic resilience despite global tensions, emphasizing the government’s support for export activities and investment attraction. He stressed the importance of promoting trade activities, with Vietnam identified as a potential market.
Overall, the partnership between Vietnam and Malaysia in emerging industries presents a mutually beneficial opportunity for economic growth and development in both countries. [Reference source]
