Myanmar, Vietnam seek further enhancement of economic co-op

18:07, June 13, 2010      

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Businessmen of Myanmar and Vietnam are seeking further enhancement of economic cooperation and the two sides will meet this month for the purpose, sources with the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) said on Sunday.

Comprising 41 entrepreneurs, a Vietnamese business delegation, led by Vice Chairman of the Hanoi People Committee Nguyen Huy Toung, is to meet representatives of the UMFCCI on June 21 at the Park Royal Hotel in Yangon.

The cooperation sectors outlined for discussion deal with sales and manufacturing, construction material, handicraft, food, industry, security, printing and stationery, real estate investment and consultant service, information and technology, electronic devices, educational, crude oil, chemical, cement and servicing, the sources said.

According to the Vietnam Customs, Vietnam-Myanmar bilateral trade went down 8.6 percent year-on-year to 99 million U.S. dollars in 2009 due to the impact of the global economic recession with Vietnam suffering a trade deficit of more than 31 million dollars and accounting for 91.4 percent of Vietnam's total export turnover to the market.

In the first quarter of this year, their bilateral trade reached 35.4 million dollars, a sharp increase of 247 percent year- on-year.

According to official statistics, Vietnam's investment in Myanmar hit 23.4 million U.S. dollars as of the end of September last year since the country opened to such investment in late 1988.

Vietnam stands the 16th among Myanmar's exporting countries. Myanmar mainly exported its forestry products to Vietnam, followed by agricultural produces, seafood and electrical spare parts, while it imported from Vietnam steel, electronic goods, pharmaceuticals, medicines, industrial products, chemical products, computer and accessories, plastic, cosmetics and engine oil.

Source: Xinhua

(Editor:黄硕)

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