Home MMBIZ News Vietnamese Government to Support Investment in Myanmar

Vietnamese Government to Support Investment in Myanmar

The Vietnamese Government will help Vietnamese businesses invest in Myanmar, Prime Minister Nguyen Tan Dung said.

The Vietnamese Prime Minister said this during Myanmar’s Minister for Industry U Maung Myint’s recent visit to Hanoi, highlighting the recent developments in economics, trade and investment between the two Southeast Asian countries.

He said the two sides should further boost collaboration in 12 areas that were agreed upon by their high-ranking leaders including seafood, oil and gas, telecommunication, aviation and energy.

The two countries’ Ministry of Industry should discuss specific measures to facilitate Vietnamese businesses’ investment in Myanmar, including the licensing of Vietnamese banks in the country, Dung added.

U Maung Myint said Myanmar is looking to foster bilateral trade ties in the fields of chemicals, fertilisers, steel and agricultural machinery as these sectors currently lack modern infrastructure and equipment.

He said Myanmar would create favourable conditions for Vietnamese firms to do business in the newly-opened economy.

Last year at a high-level meeting, the two countries committed to enhancing investment in a bid to boost bilateral trade to $500 million by 2015.

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