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Malaysia News: It is understood that Malaysia and Vietnam’s timber industry sectors signed a Memorandum of Cooperation (MoC) on June 15. The joint cooperation between Malaysia and Vietnam aims to help the two countries to further develop the timber trade.

Previously, Malaysia proposed to cooperate closely with the United States and the United Kingdom to solve the shortage of wood and wood products faced by the two countries.

The MoC is in line with the 2000 ASEAN Summit Agreement, which launched the ASEAN Integration Initiative to bridge the development gap and increase the competitiveness of the ASEAN region in global economic development.

In terms of forest products trade between Malaysia and Vietnam, in 2021, Malaysia’s timber products exports to Vietnam totaled US$38.44 million (US$1 = RM4.41), while imports of wood products from Vietnam totaled US$148.25 million.

Despite the epidemic and the global economic recession in the past two years, the development of the Malaysian wood industry is still performing well. Exports in 2021 stood at RM22.7 billion, up 3.1% from RM22.0 billion in 2020.

In Vietnam, in the first four months of this year, Vietnam's export turnover of wood and wood products is estimated to be US$5.48 billion, an increase of 4.9% over the same period in 2021.

It can be seen that the export of wood and wood products from Malaysia and Vietnam still maintains a strong trend.

It is expected that the wood industry cooperation between Malaysia and Vietnam will closely integrate and promote the development of ASEAN's economic and trade development, and also strengthen the connection of wood trade in the ASEAN region.