Viet Nam-Myanmar Trade & Investment Promotion event held

Viet Nam-Myanmar Trade & Investment Promotion event being held at UMFCCI in Yangon yesterday. Photo: Phoe Khwar
Viet Nam-Myanmar Trade & Investment Promotion event being held at UMFCCI in Yangon yesterday. Photo: Phoe Khwar

Viet Nam and Myanmar counterparts discussed trade and investment promotion, and opportunities and challenges between the two countries, at an event held yesterday at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) office.
This event was jointly organized by the UMFCCI and Viet Nam–ASEAN Economic Development Cooperation Association, with 50 Vietnamese businesspersons in attendance.
Most of them are engaged primarily in construction equipment manufacturing, real estate service, teaching aids production, health care service, traditional medicine, heavy construction, finance, painting and coating, urban electric supply, purified water production, edible bird nest industry, agriculture and agro-based food production, vegetable production and rubber production. At the event, officials from UMFCCI explained investment opportunities in Myanmar, under Myanmar Investment Law and Myanmar Special Economic Zone Law, prioritized export/import items and foreign investment sectors in Myanmar.
Investors can make investments in agriculture, aquaculture and fisheries, urbanization, tourism and hospitality, electric power, manufacturing, infrastructure development, extractive industries (minerals, oil and gas) and forestry-based industries.
“Myanmar has managed to facilitate business procedures, ensuring no delay. I hope this event will bring those respective businesspersons from two countries together to discuss their challenges and cooperate in trade promotion to keep up with trade values in the previous fiscal years”, said U Kyaw Dewa, Joint Secretary General of UMFCCI.
Ms. Vo Thi Ngoc Diep, Commercial Counselor from Viet Nam Embassy in Myanmar, said that bilateral trade grew by over 50 per cent in the late 2017. Myanmar has infrastructure difficulties, such as electricity, transportation, but its human resource is appealing to investors.
Viet Nam and Myanmar have close diplomatic relations for over 70 years. I believe this discussion will bring about bilateral economic development. We invite Myanmar companies to make a business tour to Viet Nam, said Mr. Nguyen Thanh Hoan, vice president of Viet Nam– ASEAN Economic Development Cooperation Association.
At present, construction equipment, motorcycle spare parts, machines, and plastic products are primarily imported from Viet Nam. Myanmar’s import surpassed export in trading with Viet Nam. Bilateral trade was recorded at US$494 million in the 2016-2017 fiscal year, with export worth $88 million and import valued $405.7 million. In the 2017-2018 FY, export was estimated at $127.5 million, while import was valued $587 million, totaling $714.8 million. Between April and July in the mini-budget period, trade values were
$274 million, comprising $84 million in export and $190 million in import.
There are 20 Vietnamese corporations permitted by Myanmar Investment Commission, including Viettel Group, the Association of Vietnamese Business Investors in Myanmar (AVIM) with 33 Vietnamese businessmen, Zamil Steel, Hoang Anh Gia Lai Group, DHG Pharmaceutical JSC, FPT, the Bank for Investment and Development of Vietnam (BIDV), Bac Viet Steel Group, Golden Wealth and Universal Link Services and Golden Export Import Consultancy and Trade.
Since 1988, 20 Vietnamese enterprises have brought US$2.1 billion into the country. Viet Nam is placed seventh on the list of foreign investment of permitted enterprises, constituting 2.74 per cent of overall foreign investment.

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