Palm oil exports to Vietnam climbed 20%

KUCHING: Malaysia's palm oil exports to Vietnam stood at 173,732 tonnes in the first five months of this year, 20 per cent more than a year ago, Plantation Industries and Commodities Minister Datuk Seri Douglas Uggah Embas said yesterday.

He expressed optimism on the commodity's future growth potential, in line with the improved economic and living standards in Vietnam.

He said this while officiating at the first Malaysia-Vietnam Palm Oil Trade Fair and Seminar 2013 (POTS) in Ho Chi Minh City, Vietnam.

"Malaysian and Vietnamese oils and fats players are encouraged to embark on collaborative initiatives to further enhance trade relationships in the commodity. 

"This is so as to meet the increasingly sophisticated demands of Vietnamese consumers," he said in a statement issued by his ministry here.

Last year, Vietnam bought 468,722 tonnes of palm oil from Malaysia, 12 per cent more than 420,104 tonnes in 2011.

He said the Malaysia-Vietnam seminar, which attracted over 200 participants from both countries, was the 30th edition in this POTS series, since its introduction in 2006. 

It is being organised in Vietnam for the first time to promote consumption of the nutritious palm cooking oil and oleochemicals that goes to production of soaps and detergent.

Speakers at the seminar include head honchos of oil palm plantation companies and international experts of the oils and fats trade. --- Bernama