Vietnamese Deputy PM Myanmar visit bring business cooperation to new high

13:06, June 13, 2011      

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Vietnamese Deputy Prime Minister Hoang Trung Hai, who is special envoy of Prime Minister Nguyen Tan Dung, concluded his four-day Myanmar visit Sunday, bringing the two countries' business cooperation to a new high.

During the visit in Nay Pyi Taw, Myanmar President U Thein Sein met with Hoang who had discussions with Vice President U Tin Aung Myint Oo. The two sides exchanged views on promoting bilateral cooperation for mutual interest.

Two memorandums of understanding (MoU) were respectively signed on financial cooperation and meat sector cooperation.

Hoang's visit also highlighted his meeting with Myanmar Union Minister of Agriculture and Irrigation U Myint Hlaing which focused on cooperation in agricultural and livestock breeding sectors and private sectors of the two countries and development of investment as well as collaborative efforts for raw materials and finished products under product sharing basis in the agriculture-based industrial sector.

A seminar on business cooperation between Myanmar and Vietnam, the second in its series, was launched at the Myanmar International Convention Center in Nay Pyi Taw, participated by both government and business sectors between the two countries.

Addressing the seminar, Myanmar Vice President U Tin Aung Myint Oo said the seminar enhanced bilateral friendship between the two countries and between its businessmen which will lead to good prospects for trade promotion in various sectors.

Noting that the administration and the economic structure of Myanmar is changing, U Tin Aung Myint Oo said the country is amending related rules and regulations for development of the economy pointing out that trade and investment remain the driving force which Myanmar is reviewing the related financial matters in order to be more beneficial for businesses.

He called for increased cooperation between the two sides to achieve better outcome for mutual benefit.

Hoang underlined that the cooperation move has paved way for the promotion of tourism, trade and investment between the two countries.

During his visit in Yangon, Hoang inaugurated the showroom of Viglacera of Vietnam and country representative office, introducing Vietnam-made interior decoration materials to Myanmar customers.

Hoang also attended Myanmar-Vietnam Business Exchange in Yangon, during which the Association of Vietnamese Investors in Myanmar ( AVIM) and the Union of Myanmar Federation of Chambers of Commerce and industry (UMFCCI_) signed a MoU on cooperation, followed by more MoUs being reached between private companies of Vietnam and Myanmar.

According to official statistics, Myanmar-Vietnam bilateral trade amounted to about 160 million U.S dollars in 2010, an increase of 60 percent from 2009.

Of the total, Myanmar's export to Vietnam took 108 million dollars, while its import from the Southeast Asian member represented 47 million dollars.

Vietnam, which stands the 20th among Myanmar's exporting countries, mainly imports from Myanmar its forestry products, agricultural produces, seafood and electrical goods, spare parts, while exporting to the country steel, electronic equipment, textiles, pharmaceuticals, medicines, construction materials, industrial products, chemical products, computer and accessories, plastic, cosmetics and engine oil.

Meanwhile, Vietnam's investment in Myanmar amounted to 23.649 million dollars as of March this year since Myanmar opened to foreign investment in late 1988.

In April 2010, Vietnamese Prime Minister Nguyen Tan Dung visited Nay Pyi Taw agreeing with Myanmar on promotion of cooperation in 12 key sectors -- agriculture, industrial crops, fishery, banking and finance, aviation, telecommunication, oil and gas, mining, electric equipment production, automobile manufacturing and assembling, construction, trade and investment cooperation.

Seven follow-up contracts and memorandums of understanding on bilateral cooperation related to investment promotion, fishery, agriculture, finance, communications and mining were also signed.

A conference on Vietnam investment promotion held during Dung's visit in Yangon further produced 11 other MoU on investment promotion between Myanmar and Vietnamese economic entrepreneurs covering the fields of communication, fishery, energy, trade, tourism and sports.

A representative office of Bank for Investment and Development of Vietnam (BIDV) was also inaugurated by Dung then.

In March 2010, Myanmar and Vietnam established direct air link with the Vietnam Airlines flying between Hanoi and Yangon, which was followed by another direct flight between Ho Chi Minh city and Yangon in November the same year.

The direct air link between the two countries contributes not only to development of commercial and trade activities, investment and tourism but also to promoting socio-economic and cultural relations in the region.

Source: Xinhua
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