Illustrative image (Source: VNA)Vietnam is among the top 10 foreign investors inMyanmar with nearly 80 businesses ploughing investment worth one billion USD inthe host country.
Major companies like Hoang Anh Gia Lai, Bank forInvestment and Development (BIDV), and Vietel, are operating in Myanmar.
Myanmar’s Minister of Industry and Trade ThanMyint said his country has huge opportunities to lure foreign investment.
Myanmar currently enjoys the Generalised Systemof Preferences (GSP) for exports to the EU, the US and India, he said, addingthat this will benefit foreign investors in the country.
The Myanmar government has launched a programmefor economic development, focusing on the private sector through modernisinginfrastructure and promoting global integration via the ASEAN EconomicCommunity.
To attract foreign direct investment, thegovernment has also promulgated a new investment law and reformed the taxsystem in line with international practices, facilitating the granting ofinvestment licenses for overseas businesses to operate in Myanmar.
Two-way trade between Vietnam and Myanmar reached536 million USD in 2016, surpassing the yearly target of 500 million USD.
Vietnam exported goods worth more than 450million USD to Myanmar in the year, mainly iron and steel products, means oftransport, and equipment spare parts, while importing rubber material, wood andforest products, farm produce and seafood.
At a meeting with Minister Than Myint in January2017, his Vietnamese counterpart Tran Tuan Anh said there is still a plenty ofroom for the two countries to boost trade relations.
Both nations agreed to enhance trade promotionactivities and make use of the East-West economic corridor to facilitate bilateraltrade and reduce transportation costs.
They also agreed to maintain the meeting of theVietnam – Myanmar trade subcommittee, promote the cooperation mechanism ofCambodia, Laos, Vietnam and Myanmar, and contribute to the development of theASEAN Economic Community.
Minister Tran Tuan Anh proposed Myanmar helpVietnamese businesses export cement and reduce the number of products thatrequire import licenses from Myanmar.-VNA
VNA
