TAIPEI (Taiwan News) — The General Chamber of Commerce of Taiwan led a trade delegation to Vietnam and Malaysia from March 20-25, CNA reported on Tuesday.
The group led a delegation of 15 Taiwanese companies, including Vigor Kobo, Energreen Health Industry Chain Co., and Elvis Home Art of Living Co. to conduct more than 120 meetings. They engaged with 55 distribution channels and local enterprises, resulting in NT$293.4 million (US$9.24 million) in deals.
General Chamber of Commerce of Taiwan Chair Hsu Shu-po (許舒博) said the Southeast Asian market is growing rapidly. He noted Vietnam and Malaysia are among the most critical ASEAN economies and have close economic and trade ties with Taiwan.
Taiwan's trade with Malaysia reached NT$1.09 trillion last year, a 38.5% increase from 2023, making it Taiwan's seventh-largest trading partner. Taiwan's exports to Malaysia totaled NT$631.73 billion, also making it Taiwan's seventh-largest export destination.
Last year, Taiwan's main exports to Malaysia included integrated circuits (49.8 %), automatic data processing machines (18.8%), petroleum and crude oil products (6.6 %), and computer components (3%).
Taiwan's trade with Vietnam totaled NT$701.68 billion last year, a 5% increase from 2023, making it Taiwan's ninth-largest trading partner.
Taiwan's exports to Vietnam amounted to NT$453.5 billion last year, making it Taiwan's eighth-largest export destination. Top exports to Vietnam were integrated circuits (30.5%), optical lenses and related components (3.3%), synthetic fiber fabrics (2.9%), and printed circuit boards (2.7%).
Taipei Economic and Cultural Office in Ho Chi Minh City Director Han Kuo-yao (韓國耀) said Taiwan-Vietnam economic and trade relations have grown since their establishment in 1992. As of January, Taiwanese investments in Vietnam totaled NT$1.3 trillion.
Han highlighted the Vietnamese government's promotion of green transformation and ESG initiatives. He said Taiwanese businesses investing in Vietnam should pay greater attention to energy conservation, carbon reduction, and sustainable development.
Han said that Taiwan has sought to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) since 2021. The CPTPP is the world's third-largest free trade zone, with 12 member countries representing about 15% of the global economic output.
Chung-Hua Institution for Economic Research added Taiwan's economic growth rate could increase by 0.73%, resulting in an estimated NT$152.4 billion GDP boost if Taiwan joins CPTPP.
