Vietnam increase in import of palm oil from Malaysia
The above figure was revealed at the Palm Oil Trade Fair and Seminar (POTS) 2013, which took place i…T
he above figure was revealed at the Palm Oil Trade Fair and Seminar (POTS) 2013, which took place in Ho Chi Minh City on July 1, attended by more than 200 Vietnamese and Malaysian businesses.In 2012 alone, Vietnam purchased 469,000 tons of palm oil from Malaysia which was up by 12 percent compared to the previous year.
Dato’ Sri Douglas Uggah Embas, Minister of Plantation Industries and Commodities of Malaysia, said trade and investment relations between Vietnam and Malaysia have significantly developed since Vietnam became member of the World Trade Organization in 2007. Vietnam is now an important partner of Malaysia, he said.
Malaysia is also one of ten largest trade partners of Vietnam.
Two-way trade turnover of the two countries has continuously moved up from 2007-2012. Specifically, it was US$4.7 billion in 2007, $7.2 billion in 2011 and $7.5 billion in the first ten months of 2012.
Investment capital from Malaysia into Vietnam also rocketed from $50 million in 1990 to reach nearly $15 billion in 2012.