Party leader meets leading Vietnamese, Myanmar entrepreneurs

Those in attendance also included Deputy Prime Minister cum Foreign Minister Pham Binh Minh, Secretary of the Hanoi Party Committee Hoang Trung Hai along with other government officials.

In his speech, Deputy PM and Foreign Minister Pham Binh Minh stated that the state visit to Myanmar by Party General Secretary Nguyen Phu Trong made a great success as the two sides agreed to establish a comprehensive cooperative partnership, bringing their relations to new heights and creating new opportunities to promote comprehensive Vietnam-Myanmar relations, especially in economics, trade, and investment.

After more than 30 years of carrying out the Doi Doi Moi (Renewal) process, Vietnam has achieved the tremendous achievements. From a poor, backward country, it has become a developing country with middle income, relatively high economic growth, strengthened external relations and enhanced international stature.

Vietnam attaches great importance to cooperation, assistance, experiences and resources from outside and expects more foreign investors and enterprises doing business in the country.

Over the past years, economic, trade and investment between Vietnam and Myanmar have been steadily on the upstick. Vietnam has risen to become the 9th largest trading partner and the 7th biggest foreign investor of Myanmar. Up to the beginning of 2017, Vietnam has run 59 investment projects totally capitalized at US$1.42 billion in Myanmar with the involvement of numerous major groups such as FPT, BIDV, VIETTEL. The opening of more direct air routes have facilitated trade exchange and spurred tourism between the two countries, Minh said.

However, bilateral trade turnover reached a mere US$500 million, Minh said while pointing out potential and advantages in the two countries’ economic links  as well as areas of their strength, such as banking, finance, aviation, telecommunication, mining, agro-forestry, fishery, tourism and consumer goods production. Vietnam can export its key products to Myanmar and vice versa Myanmar can do the same.

Vietnam is stepping up administrative reform aiming to improve the legal environment and infrastructure for foreign businesses’ operations, including those from Myanmar.

On the basis of the newly established comprehensive partnership, the two sides need to soon outline effective cooperation mechanisms to help businesses intensify investments in each other’s market. The Deputy PM said he hopes the government of Myanmar will continue to offer the best possible conditions for Vietnam businesses to invest in the country. He also described the two countries’ businesses as active contributors to the realization of the comprehensive cooperation partnership framework in a more substantial and effective manner.

At the meeting, business representatives also pledged to work harder to boost economics, trade and investment and actualize the implementation of agreements reached by between the two countries’ leaders.

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