Addressing the workshop, titled “Construction - opportunities for cooperation and investment between Malaysia and Vietnam,” Tran Van Ta, General Director of the State Capital Investment Corporation (SCIC), stressed that construction is one of the five economic magnets that attracts Malaysian investment to Vietnam, which supports 327 projects worth USD 18 billion.

Strong investment in infrastructure in recent years has made an important contribution to reducing poverty in Vietnam, Ta said. The two main sources for funding such projects in Vietnam are currently the state budget and international assistance.

Foreign aid accounts for 40 percent of the total, he said. However, he added, foreign assistance will be reduced as the country’s economic growth increases, so it is necessary to seek out other sources. According to the SCIC’s general director, the private sector is a key source for many nations to finance infrastructure development.

Vietnam wishes to learn from Malaysia’s experience in the field, he emphasised. Aureen Jean Noris, Director of the Malaysian Trade Development Agency (Matrade), said that visiting Malaysian firms, which operate in manufacturing, design, services and other areas, are looking for opportunities for long-term cooperation with Vietnam to invest in infrastructure construction and services. Malaysian construction firms now run 500 projects with a total capital of more than US$27.5 billion worldwide, she said.