Vietnam and Myanmar need to work on the establishment of a Statecommittee on economic cooperation and the signing of a double-taxationavoidance agreement to boost trade, said President of the VietnamFatherland Front (VFF) Nguyen Thien Nhan on March 17.
At his meeting with representatives of Vietnamese businesses andMyanmar managerial agencies in Yangon during his friendship visit to theASEAN member state, the VFF President shared Vietnam’s experience inforeign investment management to help local authorities remove businessbottlenecks.
He made it clear that Vietnam’s bankingand telecommunications activities which are waiting for Myanmar’soperation licences, will neither affect local banking activities norsecurity, but help enhance positive competition.
Nhan suggested Vietnamese companies holding regular meetings withMyanmar government and ministry officials to timely report theiroperation problems while organising annual trade fairs to foster tradingactivities.
Vietnam now ranks eighth among foreigninvestors in Myanmar with seven projects worth 513 million USD. Two-waytrade reached 480 million USD last year and enjoyed an average growthrate of nearly 40 percent between 2010 and 2014.
Myanmar is regarded as a potential market by Vietnamese businesses givenits young population and cultural similarities. Trade between the twocountries is expected to hit 1.5 billion USD in the next two years and1.7 billion USD by 2020.
Officials from Myanmar’sforeign investment management agency said they noted down raised issuesand will make proposals to improve the situation, adding that theircountry is striving to improve its infrastructure so as to facilitateinvestments.
As part of his visit to Myanmar, Nhanmet with the Chief Minister of Yangon Region to introduce cooperationopportunities. He also pointed out some hindrances face by Vietnamesefirms during their investment here and asked the Chief Minister to helpsolve these matters.-VNA
At his meeting with representatives of Vietnamese businesses andMyanmar managerial agencies in Yangon during his friendship visit to theASEAN member state, the VFF President shared Vietnam’s experience inforeign investment management to help local authorities remove businessbottlenecks.
He made it clear that Vietnam’s bankingand telecommunications activities which are waiting for Myanmar’soperation licences, will neither affect local banking activities norsecurity, but help enhance positive competition.
Nhan suggested Vietnamese companies holding regular meetings withMyanmar government and ministry officials to timely report theiroperation problems while organising annual trade fairs to foster tradingactivities.
Vietnam now ranks eighth among foreigninvestors in Myanmar with seven projects worth 513 million USD. Two-waytrade reached 480 million USD last year and enjoyed an average growthrate of nearly 40 percent between 2010 and 2014.
Myanmar is regarded as a potential market by Vietnamese businesses givenits young population and cultural similarities. Trade between the twocountries is expected to hit 1.5 billion USD in the next two years and1.7 billion USD by 2020.
Officials from Myanmar’sforeign investment management agency said they noted down raised issuesand will make proposals to improve the situation, adding that theircountry is striving to improve its infrastructure so as to facilitateinvestments.
As part of his visit to Myanmar, Nhanmet with the Chief Minister of Yangon Region to introduce cooperationopportunities. He also pointed out some hindrances face by Vietnamesefirms during their investment here and asked the Chief Minister to helpsolve these matters.-VNA
