KUALA LUMPUR, March 9 (Xinhuanet) -- Malaysia and Vietnam have
agreed to enhance cooperation in various economic sectors, a joint
statement disclosed here Saturday.
   The statement was released at the end of the Malaysia-Vietnam
Joint Commission's third meeting here.
   The statement said Vietnam agreed to consider offering more
opportunities to Petronas (Malaysian national oil corporation) in
the exploration and exploitation of petroleum and gas in that
country.
   Petronas which is involved in the upstream and down stream
activities in Vietnam has up to September last year invested 900
million U.S. dollars in that country and the Malaysian national
oil corporation is the third biggest operator in upstream activity
there.
   The statement said the two countries also discussed the further
utilization of the Bilateral Payment Arrangement by the banking
and business community in Vietnam and the counter trade mechanism
in order to increase two-way trade which stood at 894 million U.S.
dollars in 2000.
   Vietnam also reaffirmed its willingness to create favorable
conditions for Malaysian investors and invite investment in labor
intensive industries such as agriculture, aquaculture, mineral-
based sectors and expand cooperation in the fishing industry, the
statement said.
   The three-day meeting also agreed to set up a joint committee
to further expand agricultural cooperation between the two
countries, according to the statement.
   Malaysia and Vietnam are members of the Association of South
East Asian Nations which groups ten states in the region.  Enditem