Jun 12, 2011

Myanmar and Vietnamese entrepreneurs to discuss business opportunities

Myanmar and Vietnamese entrepreneurs will hold a business cooperation meeting in Yangon, aimed at promoting bilateral trade and investment between the two countries, according to the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) Tuesday.

An 82-member Vietnamese delegation comprising those from 33 companies, headed by the Association for Vietnamese Investors in Myanmar (AVIM), will participate in the meeting scheduled for Sunday at the UMFCCI office tower.

At the meeting, various sectors such as communication and information, education, oil and gas, industry, rubber plantation, electronic devices, glass, cement, construction materials, motor vehicles and motorcycle, food products, agriculture, fertilizer, tourism and airlines will be dealt with.

The event would help create opportunities for Vietnam-made products to enter the Myanmar market.

According to official statistics, Myanmar-Vietnam bilateral trade amounted to about 160 million U.S dollars in 2010, an increase of 60 percent from 2009.

Of the total, Myanmar's export to Vietnam took 108 million dollars, while its import from the Southeast Asian member posted 47 million dollars.

Vietnam, which stands the 20th among Myanmar's exporting countries, mainly imports from Myanmar its forestry products, agricultural produces, seafood and electrical goods, spare parts, while exporting to the country steel, electronic equipment, textiles, pharmaceuticals, medicines, construction materials, industrial products, chemical products, computer and accessories, plastic, cosmetics and engine oil.

Meanwhile, Vietnam's investment in Myanmar amounted to 23.649 million dollars as of March this year since Myanmar opened to foreign investment in late 1988, according to official statistics.
Source: Xinhua