Viet Nam becomes ninth largest trade partner of Myanmar

Wednesday, Jun 19, 2019 07:50

Deputy Prime Minister Vuong Dinh Hue works at the representative office of Viettel Military Industry and Telecoms Group in Yangon, Myanmar. — VNA/VNS Photo Huu Kien

Trade between Viet Nam and Myanmar reached US$860 million in 2018, making Viet Nam the ninth largest trade partner of its neighbour, it was reported at a meeting between Deputy Prime Minister Vuong Dinh Hue and Myanmar Minister of Planning and Finance Soe Win on Tuesday.

At the meeting, held during Deputy PM Hue’s working visit to Myanmar, the two sides praised recent growth of economy-trade-investment and finance-banking co-operation.

They were pleased to note that Viet Nam had also become the seventh largest foreign investor in Myanmar with 18 large projects worth nearly $2.2 billion.

They said the two economies shared similarities but could supplement each other if their strengths and potential were capitalised on.

Hue thanked the Myanmar government for creating favourable conditions for Vietnamese enterprises to invest in the country. He asked Minister Soe Win to support investors, particularly by simplifying administrative procedures, reducing customs clearance times, and facilitating foreign investors to register for ownership of their investments in the country.

The Deputy PM lauded the Central Bank of Myanmar’s recent policies that supported the operation of foreign credit institutions, including those from Viet Nam.

He asked the Myanmar side to continue enabling Vietnamese credit institutions to establish and expand their presence in the nation. At present, four Vietnamese financial organisations have opened representative offices or branches in Myanmar.

For his part, Soe Win said the Myanmar government was making efforts to simplify administrative procedures to create an open business climate for foreign investors, including those from Viet Nam. He added that these efforts took time and asked Vietnamese investors to be patient and co-operate with authorities.

He also discussed measures to clear financial obstacles for a number of Vietnamese firms in Myanmar like the Hoang Anh Gia Lai Group (HAGL) and Bank for Investment and Development of Viet Nam (BIDV).

The same day, Deputy PM Hue visited the Vietnamese Embassy and met Vietnamese expatriates in Yangon. He also visited several representative offices of Vietnamese companies, including BIDV, HAGL, Viettel Military Industry and Telecoms Group and Vietnam Airlines.

He also held a meeting with a 30-member Vietnamese enterprises’ club in Myanmar, which was established on May 28. — VNS

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