Malaysia’s Hyrax Oil Sdn Bhd (Hyrax) and Viet Nam’s Electrical Equipment Manufacturing Joint Stock Company (EEMC) inked a memorandum of understanding in the capital on Thursday.
Under the document, Hyrax will supply at least 5.1 million litres of transformer oil worth US$7 million over a period of three years to the EEMC.
The deal was among a number of agreements signed between businesses of the two countries following recent trade promotion programmes implemented by the Malaysian trade office in Viet Nam.
In a move to boost trade ties between the two countries, the Malaysian trade office said it would organise trips to help Malaysian businesses to take part in two large expos in Viet Nam, including the HCM City International Fair and Healthcare Equipment and Service Fair.
The office said it was also preparing to invite Vietnamese businesses to join in two exhibitions in Malaysia.
Trade between Malaysia and Viet Nam topped $4 billion in 2008, a year-on-year increase of 22 per cent.
Malaysia now ranks second among 60 countries and territories investing in Viet Nam, with more than 300 projects capitalised at roughly $18 billion. Malaysian businesses are interested in construction of residential and urban areas, bridge, water treatment, power plant, port, highway and airport in Viet Nam.
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