With annual export growth at 14%, Vietnam narrows gap with Malaysia

In the last 10 years Vietnam’s total exports grew over 14% annually, from $62.6 billion in 2008 to $244.7 billion in 2018, catching up with Malaysia, with total exports in 2018 of $248.4 billion, according to data compiled by Asia Frontier Capital.

In terms of 2018 export numbers, Vietnam now ranks 4th in ASEAN, almost on par with Thailand and Malaysia but behind Singapore.

During the first nine months of 2019, Vietnam’s exports already surpassed Malaysia by $37.3 billion. Vietnam’s nine-month exports reached $194.3 billion compared to Malaysia’s $157 billion, data says.

On bilateral trade, Malaysia is targeting to push its trade volume with Vietnam to $15 billion by next year.

Last year, Vietnam’s total export of various goods to Malaysia was $3.81 billion, while its import from Malaysia was $1.75 billion. New Straits Times cited information from Vietnam-Malaysia Business Association.

Vietnam is the second biggest trade partner of Malaysia in Asean, while Malaysia is its fourth largest trade partner in the region, with 586 products traded between the two countries.

Malaysia was one of Vietnam’s top 10 export markets for fruits, vegetables and flowers, accounting for US$45 million a year.

Vietnam is enjoying improved socio-political stability and emerging as one of the most dynamic economies worldwide.

Vietnam’s export of fruits, vegetables and flowers have enjoyed strong growth in the past years, with an average rate of 26.5 percent a year, from $439 million in 2009 to $4 billion last year.

The sector is expected to show further growth due to strong exports and a strong domestic demand.