Malaysia Business Chamber Vietnam helps strengthen regional collaboration

Held in Phnom Penh, Cambodia, this event highlighted the unity and influence of Malaysian business communities across Southeast Asia, reinforcing regional economic cooperation. The summit provided a platform for networking, collaboration, and knowledge sharing among Malaysian business leaders and government officials across ASEAN.

MBCV representatives participate in the discussion panel at the ASEAN Business Summit 2024. Photo courtesy of Gamuda Land

Organized by the Malaysian Business Chamber Cambodia, the summit brought together chambers from Vietnam, Thailand, Laos, Myanmar, the Philippines, and Indonesia under the unified MBCs ASEAN platform for the first time. The gathering emphasized collaboration in promoting cross-border trade and investment.

In his keynote speech, MBCC President Oknha Tan Khee Meng highlighted the transformation of the organization into MBCs ASEAN, emphasizing its pivotal role in fostering regional cooperation and economic growth. He encouraged Malaysian entrepreneurs across ASEAN to represent their nation with pride while fostering innovation and collaboration.

Prominent speakers such as Malaysian Ambassador to Cambodia Shaharuddin Onn and Cambodian Investment Board Secretary General Chea Vuthy highlighted the critical role of regional business networks in driving sustainable economic growth. The transformation into MBCs ASEAN reflects a shared commitment to strengthening ties and mutual prosperity across all 10 ASEAN member states.

Attended by approximately 300 participants, the summit received strong support from the Cambodian and Malaysian governments, symbolized by the attendance of Chea Vuthy and Shaharuddin Onn.

Vietnam remains a key economic force within ASEAN, with GDP growth projected at 6.1% in 2024 and foreign direct investment exceeding $20 billion. Vietnam's strategic policies, young workforce, and focus on sustainability present significant opportunities for Malaysian investors, aligning with the goals of Malaysian business leaders.

The MBC Vietnam representative emphasized the importance of harnessing collective expertise to unlock new opportunities. The chamber has played a key role in strengthening partnerships between Malaysian businesses in Vietnam and their ASEAN counterparts, fostering innovation and supporting Vietnam's green and sustainable development agenda.

MBCV's chairman Angus Liew (3rd, R) receives a certificate of appreciation. Photo courtesy of Gamuda Land

Under MBC Vietnam's guidance, foreign investment projects have been facilitated, bilateral trade has been promoted, and Vietnam's economic transformation has been supported. These efforts align with Vietnam's priorities of sustainability, digital transformation, and diversified trade partnerships.

Malaysia is Vietnam's second-largest trading partner in ASEAN and its 11th globally, with two-way trade growing from over $8 billion to over $14 billion between 2014 and 2022.

The nations aim to increase this to $18 billion in the near future. Malaysia is also the second-largest ASEAN investor in Vietnam, ranking 11th globally among 143 investing nations and territories, with registered capital exceeding $13 billion.

Angus Liew delivering a speech at the ASEAN Business Summit 2024. Photo courtesy of Gamuda Land

The ASEAN-Malaysian Business Chambers Summit 2024 underscores the power of regional collaboration and visionary leadership. MBC Vietnam's contributions to fostering partnerships and driving economic development underline its commitment to bridging Malaysia and Vietnam. As ASEAN continues its journey toward shared prosperity, institutions like MBC Vietnam will play a vital role in shaping the region's success.

"MBCV is committed to fostering stronger ties between Malaysian businesses in Vietnam and our ASEAN neighbors. We look forward to continuing to contribute to the growth and development of the Malaysian business community in Vietnam and the broader ASEAN region," said Liew.