Vietnam advised to promote innovation to tap CPTPP

Dr. Carmelo Ferlito, CEO of the Centre for Market Education. (Photo: VNA)

Vietnam should speed up innovation to take advantage of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreement and promote trade with Malaysia, a Malaysian expert has recommended.

In an interview with the Vietnam News Agency's resident correspondent in Kuala Lumpur, Dr. Carmelo Ferlito, CEO of the Centre for Market Education (CME), said Vietnam and Malaysia have joined many multilateral cooperation frameworks including the CPTPP, but they are also competitors in many fields.

On the basis of trade turnover data, many strategic exports of Malaysia and Vietnam are similar, he noted.

In its efforts to accelerate post-COVID-19 economic recovery and respond to geopolitical effects, Vietnam should focus on promoting innovation and creativity, he said, adding that this will help Vietnam’s economy in general and its products and services improve their competitiveness and penetrate more markets, including Malaysia.

Besides taking advantage of its abundant and cheap workforce, Vietnam needs to focus on increasing intellectual and technological rates to improve the competitiveness of Vietnamese goods and services, Ferlito said.

Vietnam is one of the main suppliers of rice for Malaysia. (Photo: VNA)

According to the expert, Vietnam and Malaysia should expand cooperation in the food industry, in which Vietnam can assist the neighboring country in ensuring food security, he said.

With its strength in rice production, Vietnam is one of the main providers of this essential food item for the Malaysian market, and this is an advantage that can open up opportunities for Vietnam to promote exports of other agricultural and food products, he added.

The CEO also encouraged Malaysian businesses to invest capital and technology in the food industry in Vietnam to re-export to Malaysia and other Muslim markets./