VN-top 10 Myanmar’s largest trade partners
A conference on prospects of Myanmar market in the integration period takes place on November 19 in Ho Chi Minh City.
Vietnamese Commercial Counsellor in Myanmar Vo Thi Ngoc Diep asserted that Vietnamese firms have more investment and business opportunities in Myanmar.
Myanmar is very potential to commodities and services from Viet Nam such as iron and steel, electronics, motorbikes and bicycles, food, information technology and communications.
Since the two nations set up comprehensive cooperative partnership in August 2017, the two sides’ economic, trade and investment ties have witnessed positive growths. Viet Nam has been listed among top 10 Myanmar’s largest trade partners.
According to the statistics of the Vietnamese General Department of Customs, the bilateral trade value hit US$860 million in 2018, of which Viet Nam gained US$702.1 million from exporting to Myanmar.
In the first nine months of 2019, the two-way trade turnover saw a year-on-year increase of 8.5%, reaching US$708 million. During the period, Viet Nam’s exports and imports from Myanmar reached US$533.1 million and US4174.9 million, respectively.
Regarding the statistics of Myanmar’s Directorate of Investment and Company Administration, Viet Nam has ranked seventh among 50 nations and territories investing in the country with the total registered capital of more than US$2.16 billion in 25 projects in fields of manufacturing (16 projects), petrol (1), hotel and tourism (1), mining (1), livestock and fishery (1), transport and communications (3) and others.
More than 200 Vietnamese enterprises have poured investment into Myanmar. VGP
Vietnamese Deputy Minister of Foreign Affairs Nguyen Minh Vu and Permanent Secretary of the Myanmar Ministry of Foreign Affairs Soe Han co-chaired the eighth annual political consultation at the deputy ministerial level in Hanoi on November 14.
Myanmar has attaches much importance to developing the comprehensive cooperative partnership with Vietnam, with defence collaboration described as an important pillar in their relations, said Myanmar Vice President Myint Swe on September 25.