Tariff cuts boost trade with Malaysia

08/11/2007 -- 6:18 PM

Ha Noi (VNA)- Viet Nam has so far ranked fifth in the region and 19 th in the world in bilateral trade with Malaysia, reported the Imports-Exports Department under the Ministry of Industry and Trade. Meanwhile, Malaysia emerged as Viet Nam ’s third largest trade partner in Southeast Asia . Bilateral trade has grown fast over the past decade with two-way revenues up to 1.5 billion USD in 2006 from 160 million USD in 1992, focusing on crude oil, rice, apparels, wooden household furniture and farm produce. The surge was largely attributed to tariff cuts between the two countries. Malaysia , for example, has reduced import duties even down to zero for almost 250 products from Viet Nam under the ASEAN Integrated System of Preferences (ASIP).--Enditem
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