Prime Minister Nguyễn Xuân Phúc said on Thursday that Việt Nam would create "all favourable conditions" for Malaysian businesses to invest in the country.
Receiving Malaysian Minister of Foreign Affairs Anifah Aman in Hà Nội, Phúc expressed his happiness at the development of relations between the two countries.
Malaysia is currently the 7th biggest trade partner and investor in Việt Nam, with a two-way trade turnover reaching US$8.4 billion (S$11.5 billion) in 2016.
Total investment capital registered by Malaysian businesses in Việt Nam amounted to $12 billion as of May this year.
However, Phúc also noted that the potential for co-operation between the two countries has not been fully tapped.
He said the two countries should negotiate and sign co-operation agreements on fighting human trafficking, extradition and rescue activities at sea, while boosting co-operation in labour, tourism and people-to-people exchanges.
PM Phúc also spoke highly of results obtained at the 5th meeting of the Việt Nam-Malaysia Committee for Economic, Science and Technology Co-operation held earlier the same day in Hà Nội.
For his part, the Malaysian diplomat stressed that Malaysia is committed to co-operating with Việt Nam and taking advantage of market opportunities present in either country.
The 5th meeting of the Việt Nam-Malaysia Joint Committee for Economic, Scientific and Technological Co-operation identified a range of measures to increase bilateral and multilateral collaboration.
Under the joint chairmanship of Việt Nam's Deputy Prime Minister and Minister of Foreign Affairs Phạm Bình Minh and Malaysia's Minister of Foreign Affairs Anifah Aman, the meeting stressed the importance either side attached to the other's role and position in the region.
They also noted shared views on intra-bloc and inter-regional co-operation.
Economic co-operation was highlighted as a bright point in the bilateral relationship between Việt Nam and Malaysia.
The two sides agreed to boost trade and investment promotion activities to facilitate goods exchange and investment flows.
Malaysia pledged to assist Vietnamese producers of agro-fisheries products in meeting quality and hygiene standards for export to the Malaysian market.
It was also agreed that the Vietnam Oil and Gas Group (PetroVietnam) and Malaysia's National Oil Company Inc (Petronas) would be encouraged to explore opportunities for bilateral and multilateral co-operation.
In the context of rising traditional and non-traditional security challenges, the two countries agreed to step up co-operation in security and defence, sharing information as well as policy experiences.
They will also negotiate the signing of co-operation agreements on fighting human trafficking, extradition and the transfer of convicts, and work on improving legal frameworks in preventing and fighting crime.
Sea and ocean co-operation was also high on the meeting's agenda, with Minister Minh praising Malaysia for handling issues relating to Vietnamese fishermen and vessels based on the friendship between the two countries and supporting Vietnamese ships in distress.
Minister Anifah Aman said competent Malaysian agencies will continue sharing information with Việt Nam to fight pirate, provide search and rescue, and consider the establishment of a hot line and joint patrols between the two countries' naval forces.
Malaysia will also consider negotiating with Việt Nam's marine police on a co-operation agreement. The two sides were committed to actively implementing the labour co-operation agreement signed in 2015.
The Malaysian minister promised to consider Việt Nam's proposal of receiving more Vietnamese workers in some new professions such as fisheries and entertainment services.
The minister also affirmed Malaysia will pay due attention to ensuring the legitimate rights and interests of overseas Vietnamese in Malaysia, including the fair trial of Vietnamese citizen Trần Thị Hương, who is a suspect in the death of a citizen of the Democratic People's Republic of Korea in Malaysia.
The two sides called on the involved parties to show restrain, not to use or threat to use force, fully respect diplomatic and legal procedures to address any disputes via peaceful means and in line with fundamental principles of international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS).
They reiterated their support for the full and effective implementation of the Declaration on the Conduct of Parties in the East Sea (DOC) and the early formation of a practical and legally-binding Code of Conduct in the East Sea (COC).
The sixth meeting of the Việt Nam-Malaysia Joint Committee for Economic, Scientific and Technological Co-operation will be held in Malaysia in 2019.