Some one-way flights from Ho Chi Minh City to Kuala Lumpur will be offered with no price attached to the ticket's taxes and fees.
The cheapest flights from Hanoi will cost $39.
One-way flights from HCMC to Kuala Lumpur currently cost $205 while $95 tickets are available from Hanoi.
Terence Swampillai, director of Malaysia Airlines Vietnam, said the campaign targets passengers departing from Hanoi, HCMC or ASEAN destinations to Kuala Lumpur.
"The campaign aims to promote tourism in Malaysia and increase our market share in Vietnam and other ASEAN markets," said Swampillai.
The bookings are open until June 19 but passengers must travel between July 1 and December 14, 2008.
Passengers must make their bookings 30 days before their flights.
Malaysia Airlines operates 14 weekly flights from HCMC and nine weekly flights from Hanoi to Kuala Lumpur.
The number of Malaysian Airlines passengers in Vietnam grew 15 percent between 2006 and 2007, and the company expects the rate for grow to 20 percent this year.