Vietnam becomes ninth largest trade partner of Myanmar

Trade between Vietnam and Myanmar reached $860 million in 2018, making Vietnam the 9th largest trade partner of Myanmar, it was reported at a meeting between Deputy PM Vuong Dinh Hue and Myanmar Minister of Planning and Finance Soe Win.

Vietnam becomes ninth largest trade partner of Myanmar
Deputy PM Vuong Dinh Hue and Vietnamese investors in Myanmar (Photo: VGP)

At the meeting on June 18, held during Deputy PM Hue’s working visit to Myanmar, the two sides praised recent growth of economy-trade-investment and finance-banking cooperation between Vietnam and Myanmar.

They were pleased to note that Vietnam has also become the 7th largest foreign investor in Myanmar with 18 big projects worth nearly 2.2 billion USD.

They said the two economies share similarities but could supplement each other if their strengths and potential are capitalised on.

Hue thanked the Myanmar Government for creating favourable conditions for Vietnamese enterprises to invest in the country. He asked Minister Soe Win to further support the investors, particularly by simplifying administrative procedures, reducing customs clearance time, and facilitating foreign investors to register for ownership of their investment asset in the country.

The Deputy PM lauded the Central Bank of Myanmar’s recent policies that facilitate the operation of foreign credit institutions, including those from Vietnam.

 

He asked the Myanmar side to continue enabling Vietnamese credit institutions to establish and expand their presence in the nation. At present, four financial organisations of Vietnam have opened representative offices or branch offices in Myanmar.

For his part, Soe Win stated the Myanmar Government is making efforts to simplify administrative procedures to create an open business climate for foreign investors, including those from Vietnam. He added that the efforts take time and asked Vietnamese investors to be patient and cooperate with the local authorities.

On the occasion, he also discussed measures to clear financial obstacles for a number of Vietnamese firms in Myanmar like the Hoang Anh Gia Lai Group (HAGL) and Bank for Investment and Development of Vietnam (BIDV).

The same day, Deputy PM Hue visited the Vietnamese Embassy and met Vietnamese expatriates in Yangon. He also visited several representative offices of Vietnamese companies, including the BIDV, HAGL, Viettel Military Industry and Telecoms Group, and Vietnam Airlines.

He also had a meeting with the 30-member Vietnamese enterprises’ club in Myanmar, which was freshly established on May 28.-VNA

Deputy PM Vuong Dinh Hue visits Myanmar

Deputy PM Vuong Dinh Hue visits Myanmar

Deputy Prime Minister Vuong Dinh Hue has affirmed that Vietnam supports Myanmar in its national reconciliation and development with increasingly improving stature in the region and the world.

 
 

Other News

.
Cuban friendship medal bestowed upon Vietnamese ambassador
Cuban friendship medal bestowed upon Vietnamese ambassador
POLITICSicon  16/07/2020 

Vietnamese Ambassador to Cuba Nguyen Trung Thanh has received the country’ friendship medal for his contributions to Vietnam - Cuba relations.

Thai Deputy Prime Minister and three ministers resign
Thai Deputy Prime Minister and three ministers resign
POLITICSicon  16/07/2020 

Thailand’s Deputy Prime Minister Somkid Jatusripitak and three ministers working for him have resigned from the cabinet, paving the way for the reshuffle of the government's economic ministerial team.

Mexico and Vietnam: for an open and strong multilateral trade system
Mexico and Vietnam: for an open and strong multilateral trade system
POLITICSicon  16/07/2020 

In forty-five years of diplomatic relations, economic ties between Mexico and Vietnam have grown significantly.

Vietnam steps up health co-operation with the UK
Vietnam steps up health co-operation with the UK
POLITICSicon  16/07/2020 

British Ambassador Gareth Ward and Vietnamese Acting Minister of Health Nguyen Thanh Long signed a Memorandum of Understanding yesterday to outline future co-operation through the Better Health Programme, part of the UK’s Prosperity Fund.

Australia affirms continued support for freedom of navigation in East Sea
Australia affirms continued support for freedom of navigation in East Sea
MARITIME SOVEREIGNTYicon  16/07/2020 

Australia will continue to strongly advocate the freedom of navigation through the East Sea (internationally called the South China Sea), Prime Minister Scott Morrison said on July 16.

Vietnam urges Houthi rebels to cooperate with UN in oil tanker issue
Vietnam urges Houthi rebels to cooperate with UN in oil tanker issue
POLITICSicon  16/07/2020 

Ambassador Dang Dinh Quy, head of the Vietnamese Permanent Mission to the United Nations (UN), has called on relevant parties, especially Houthi rebels, to create favourable conditions for UN experts

Vietnam calls for cooperation to end instability in Africa’s Great Lakes region
Vietnam calls for cooperation to end instability in Africa’s Great Lakes region
POLITICSicon  16/07/2020 

Regional and international cooperation are two crucial factors to wipe out security instability in Africa’s Great Lakes region in natural resources management, 

Deputy FM: Vietnam performing UNSC role well
Deputy FM: Vietnam performing UNSC role well
POLITICSicon  16/07/2020 

Vietnam performed its role as a non-permanent member of the United Nations Security Council (UNSC) well in the first half of this year, 

National Assembly approves nearly $6bn in funding to aid development of ethnic minority groups
National Assembly approves nearly $6bn in funding to aid development of ethnic minority groups
POLITICSicon  16/07/2020 

The National Assembly has approved $5.97 billion in funding for the implementation of the first phase of the national target programme on socio-economic development in ethnic minority and mountainous areas from 2021-2030.

Vietnam welcomes East Sea stance in line with law: Foreign Ministry spokesperson
Vietnam welcomes East Sea stance in line with law: Foreign Ministry spokesperson
MARITIME SOVEREIGNTYicon  16/07/2020 

Vietnam welcomes other countries’ stance on the East Sea issue in line with international law, Foreign Ministry spokesperson Le Thi Thu Hang said on July 15.

National Assembly approves state budget balance in 2018
National Assembly approves state budget balance in 2018
POLITICSicon  16/07/2020 

The National Assembly (NA) has issued a Resolution on the allocation of non-refundable aid capital, adjustments to state budget expenditure estimate and approval of state budget balance in 2018.

VN Prime Minister appoints new deputy defence ministers
VN Prime Minister appoints new deputy defence ministers
POLITICSicon  16/07/2020 

Prime Minister Nguyen Xuan Phuc recently signed decisions on the appointment of new deputy defence ministers.

Vietnam, US may upgrade ties to strategic partnership next year: Carl Thayer
Vietnam, US may upgrade ties to strategic partnership next year: Carl Thayer
POLITICSicon  15/07/2020 

The two former war foes have seen a number of milestones over the past quarter century.

Vietnam jumps two places in United Nations E-Government Development Index
Vietnam jumps two places in United Nations E-Government Development Index
POLITICSicon  15/07/2020 

Vietnam climbs up two places to rank 86th in the 2020 United Nations E-Government Development Index (EGDI).

Former deputy minister Ho Thi Kim Thoa wanted for state assets mismanagement
Former deputy minister Ho Thi Kim Thoa wanted for state assets mismanagement
POLITICSicon  15/07/2020 

The Investigation Agency under the Ministry of Public Security has issued a wanted notice for former Deputy Minister of Industry and Trade Ho Thi Kim Thoa for violating regulations on management and use of state assets, causing losses and waste.

Vietnam reaffirms support for peace deal implementation in Colombia
Vietnam reaffirms support for peace deal implementation in Colombia
POLITICSicon  15/07/2020 

The UN Security Council held an in-person meeting on Colombia on July 14 during which Vietnam reaffirmed its support for the implementation of the peace deal in the South American nation.

Mekong sub-regional co-operation must converge with ASEAN goals: official
Mekong sub-regional co-operation must converge with ASEAN goals: official
POLITICSicon  15/07/2020 

The Mekong sub-region is an integral part of ASEAN and its destiny is intertwined with that of ASEAN, said Nguyen Quoc Dung, Deputy Minister of Foreign Affairs and ASEAN Senior Officials Meeting Leader of Vietnam.

The online talks between US Ambassador Daniel Kritenbrink and VietNamNet readers
The online talks between US Ambassador Daniel Kritenbrink and VietNamNet readers
FEATUREicon  14/07/2020 

On the occasion of the 25th anniversary of Vietnam-US diplomatic relations, VietNamNet invited the US Ambassador to Vietnam Daniel Kritenbrink to join an online talks with our readers.

COVID-19 - A test of ASEAN’s calibre
COVID-19 - A test of ASEAN’s calibre
POLITICSicon  15/07/2020 

Southeast Asia was the first region in the world to be affected by COVID-19 due to its geographic proximity and close trade relations with China, where the outbreak began.

NA’s 10th session proposed to take place over 18 days in Oct, Nov
NA’s 10th session proposed to take place over 18 days in Oct, Nov
POLITICSicon  15/07/2020 

Secretary General of the National Assembly (NA) and Head of the NA Office Nguyen Hanh Phuc proposed the 10th session of the 14th legislature be held over the course of 18 days in both teleconference and in-person forms, 

 
 
 
Leave your comment on an article

OR QUICK LOGIN