ASEAN KEY DESTINATIONS
Malaysia, Vietnam to review investment pact
Malaysia and Vietnam have agreed to review the Investment Guarantee Agreement (IGA) signed in 1992, reported Malaysia’s national news agency Bernama.
The review aims to improve the IGA taking into considerations the new situation to protect and encourage investments, said a statement from the trade and investment mission here last night.
The mission, from July 27-30, is led by Minister of International Trade and Industry Muhyiddin Mohd Yassin. The members of the mission comprise government officers and 65 representatives from 42 companies.
The IGA review was among issues agreed to when Muhyiddin made a courtesy call on Vietnam's Deputy Prime Minister Hoang Trung Hai.
At their meeting, Muhyiddin also proposed that Malaysian Industrial Development Authority and Vietnam's Foreign Investment Agency sign a memoradum of understanding (MOU) to facilitate investments.
He also paid a courtesy calls on Vietnam's Trade and Industry Minister, Vu Huy Hoang and Minister of Planning and Investment, Vo Hong Phuc.
During the courtesy calls, the talks were focused on the opportunities and initiatives to boost two-way trade and investments.
Hoang, in his meeting with Muhyiddin, said the Vietnamese government wanted to strengthen its laws to encourage investments, reduce approval time and be transparent in the approval of projects.
He also urged Malaysian investors to increase its investments in the country. There was also a round-table conference of businessmen from both countries. Representatives from 20 Malaysian companies participated in the discussions.
Muhyiddin is expected to hold talks with officials of the Malaysia-Vietnam Trade Association and government leaders on Tuesday. There will also be a business-matching session for businessmen from the two countries.
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