Party leader meets leading Vietnamese, Myanmar entrepreneurs

Other prominent leaders in attendance included Deputy Prime Minister cum Foreign Minister Pham Binh Minh and Secretary of the Hanoi Party Committee Hoang Trung Hai along with many other high-ranking government officials.

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

After more than 30 years of carrying out the Doi Moi (renewal) process, Vietnam has achieved 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, he underscored, attaches foremost importance to cooperation, assistance, experiences and nurturing resources from foreign investors and expects more investment and increased numbers of multinational companies doing business in the country in the future.

Over the past years, economic, trade and investment between Vietnam and Myanmar has been steadily on the uptick. Vietnam has risen to become the 9th largest trading partner and the 7th biggest foreign investor of Myanmar.

As of the beginning of 2017, Vietnam had 59 investment ventures valued at US$1.42 billion in Myanmar with the involvement of numerous major companies such as FPT, BIDV, VIETTEL. The opening of more direct air routes has also facilitated trade exchange and spurred tourism between the two countries, Minh added.

However, bilateral trade reached just US$500 million, Minh noted 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, agri-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 that 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 partnership framework in a more substantial and effective manner.

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

The same day, the Party chief and Myanmar Vice President U Myint Swe cut the ribbon inaugurating the headquarters of Telecom International Myanmar (MyTel) in Yangon, a joint venture of Vietnam’s Viettel  Group and a Myanmar partner.

After over 27 years of development, the military-run Viettel Group has become a strong business making positive contributions to the Vietnamese economy. Its revenue in 2016 reached US$11 billion with a profit of more than US$2 billion.

The group is operating in 11 countries in three continents, covering a market of 320 million people, with annual revenue of more than US$1.5 billion and annual growth of over 20 percent, generating jobs for over 11,000 workers.

On the occasion, the Party leader and Myanmar Vice President U Myint Swe witnessed the signing of a cooperation agreement between MyTel and the Ministry of Education of Myanmar, under which MyTel will provide Internet services to more than 1,350 schools, supply them with computers and develop education management software for the schools.