Politics

Vietnam becomes ninth largest trade partner of Myanmar

Trade between Vietnam and Myanmar reached 860 million USD in 2018, making Vietnam the 9th largest trade partner of Myanmar, it was reported at a meeting between Deputy Prime Minister Vuong Dinh Hue and Myanmar Minister of Planning and Finance Soe Win on June 18.
Vietnam becomes ninth largest trade partner of Myanmar ảnh 1Deputy Prime Minister Vuong Dinh Hue (R) and Myanmar Minister of Planning and Finance Soe Win (Photo: baochinhphu.vn)

Hanoi (VNA) – Trade between Vietnam and Myanmarreached 860 million USD in 2018, making Vietnam the 9th largesttrade partner of Myanmar, it was reported at a meeting between Deputy PrimeMinister Vuong Dinh Hue and Myanmar Minister of Planning and Finance Soe Win onJune 18.

At the meeting, held during Deputy PM Hue’s working visit toMyanmar, the two sides praised recent growth of economy-trade-investment andfinance-banking cooperation between Vietnam and Myanmar.

They were pleased to note that Vietnam has also become the 7th largest foreign investor in Myanmar with 18 big projects worth nearly 2.2billion USD.

They said the two economies share similarities but couldsupplement each other if their strengths and potential are capitalised on.

Hue thanked the Myanmar Government for creating favourableconditions for Vietnamese enterprises to invest in the country. He asked MinisterSoe Win to further support the investors, particularly by simplifyingadministrative procedures, reducing customs clearance time, and facilitatingforeign investors to register for ownership of their investment asset in thecountry.

The Deputy PM lauded the Central Bank of Myanmar’s recentpolicies that facilitate the operation of foreign credit institutions,including those from Vietnam.

He asked the Myanmar side to continue enabling Vietnamesecredit institutions to establish and expand their presence in the nation. Atpresent, four financial organisations of Vietnam have opened representativeoffices or branch offices in Myanmar.

For his part, Soe Win stated the Myanmar Government ismaking efforts to simplify administrative procedures to create an open businessclimate for foreign investors, including those from Vietnam. He added that theefforts take time and asked Vietnamese investors to be patient and cooperate withthe local authorities.

On the occasion, he also discussed measures to clearfinancial obstacles for a number of Vietnamese firms in Myanmar like the HoangAnh Gia Lai Group (HAGL) and Bank for Investment and Development of Vietnam(BIDV).

The same day, Deputy PM Hue visited the Vietnamese Embassyand met Vietnamese expatriates in Yangon. He also visited several representativeoffices of Vietnamese companies, including the BIDV, HAGL, Viettel MilitaryIndustry and Telecoms Group, and Vietnam Airlines.

He also had a meeting with the 30-member Vietnameseenterprises’ club in Myanmar, which was freshly established on May 28.-VNA
VNA
#Vietnam and Myanmar #Vietnam - Myanmar trade #Vuong Dinh Hue #Myanmar Minister of Planning and Finance #Soe Win #Vietnamese enterprises in Myanmar #HAGL #BIDV #Viettel #Vietnam News Agency #vietnamplus
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