Dec 3, 2012

Vietnam wants trade with Myanmar to reach $500m by 2015

Vietnam's President Truong Tan Sang yesterday told of his ambition for bilateral trade between Myanmar and Vietnam to pass the US$500 million mark in 2015.

Speaking Saturday at the Vietnam-Myanmar business forum held in Yangon, Sang said he hoped Vietnamese firms' experiences from the renewal and integration process would be useful to Myanmar partners. He pledged that Vietnam would create favourable conditions for foreign investors, including those from Myanmar.

Myanmar businesses valued the potential of the Vietnamese market, adding that they would work closely with Vietnamese partners doing business or seeking investment opportunities in Myanmar.

At the forum, Sang witnessed the signing of contracts and cooperation agreements between the two countries' businesses.

Meeting with Speaker of the Upper House Khin Aung Myint and Speaker of the Lower House Thura Swe Mann, Sang congratulated Myanmar on its recent outstanding achievements in politics, economics and social affairs.

He asserted Vietnam's willingness to share law-making experiences with Myanmar, while the Myanmar legislators agreed to promptly sign cooperation agreements with the Vietnamese National Assembly.

At the Yangon offices of the Bank for Investment and Development of Vietnam (BIDV) and the Association of Vietnamese Business Investors in Myanmar, Sang spoke positively of their efforts to boost investment-trade promotional activities and their support of Vietnamese businesses analysing the Myanmar market.

At the reception for the Governor of the Yangon region, Myint Swe, the state leader applauded the signing of the Memorandum of Understanding between Yangon and Ho Chi Minh City, saying he believes the two cities will cooperate effectively, especially in trade, services, tourism and the manufacturing industry.

Vietnam and Myanmar yesterday also released a joint statement, in which leaders of both countries reiterated commitment to working towards the goal of an Asean Community by 2015.

Sang added that Vietnam would support Myanmar in its role as Asean Chair in 2014.

Leaders of both countries reaffirmed the importance of peace, stability and mutual trust in the East Sea and adhering to existing international laws.

They welcomed the Joint Statement of the 15th Asean-China Summit on the 10th Anniversary of the Declaration on the Conduct of Parties in the South China Sea (DOC).

Source: The Financial Express