15:42 | 16/02/2017 Investment
Vietnamese small-and medium-sized enterprises are keen to explore investing in Myanmar, according to Cong Thuong (Industry & Trade Review).
Vietnam is among the top 10 foreign investors in Myanmar with nearly 80 businesses ploughing investment worth one billion USD in the host country.
Major companies like Hoang Anh Gia Lai, Bank for Investment and Development (BIDV), and Vietel, are operating in Myanmar.
Myanmar’s Minister of Industry and Trade Than Myint said his country has huge opportunities to lure foreign investment.
Myanmar currently enjoys the Generalised System of Preferences (GSP) for exports to the EU, the US and India, he said, adding that this will benefit foreign investors in the country.
The Myanmar government has launched a programme for economic development, focusing on the private sector through modernising infrastructure and promoting global integration via the ASEAN Economic Community.
To attract foreign direct investment, the government has also promulgated a new investment law and reformed the tax system in line with international practices, facilitating the granting of investment licenses for overseas businesses to operate in Myanmar.
Two-way trade between Vietnam and Myanmar reached 536 million USD in 2016, surpassing the yearly target of 500 million USD.
Vietnam exported goods worth more than 450 million USD to Myanmar in the year, mainly iron and steel products, means of transport, and equipment spare parts, while importing rubber material, wood and forest products, farm produce and seafood.
At a meeting with Minister Than Myint in January 2017, his Vietnamese counterpart Tran Tuan Anh said there is still a plenty of room for the two countries to boost trade relations.
Both nations agreed to enhance trade promotion activities and make use of the East-West economic corridor to facilitate bilateral trade and reduce transportation costs.
They also agreed to maintain the meeting of the Vietnam – Myanmar trade subcommittee, promote the cooperation mechanism of Cambodia, Laos, Vietnam and Myanmar, and contribute to the development of the ASEAN Economic Community.
Minister Tran Tuan Anh proposed Myanmar help Vietnamese businesses export cement and reduce the number of products that require import licenses from Myanmar.