On April 3, PM Minister Nguyen Tan Dung and his delegation left Naypyidaw for Yangoon as part of their three-day visit to Myanmar at the invitation of Prime Minister General Thein Sein.

In his speech at the conference on Vietnam investment promotion in the Union of Myanmar, PM Dung expressed his wish that each Vietnamese investor would become an economic ambassador to promote bilateral cooperation in investment and trade and tighten the time-honoured friendship between the two countries.

The conference drew the participation of nearly 500 of Vietnam’s leading businesses involved in finance, banking, aviation, construction, trade and tourism. This demonstrates that Myanmar is seen as a potential investment and business market for Vietnamese businesses. The conference provided the opportunity for Vietnamese businesses to update their information on policies and major projects in Myanmar. Through the event, leaders from the two countries will better understand the needs of businesses to help them iron out snags and promote investment and trade cooperation.

Vietnam-Myanmar cooperation is growing and flourishing in various areas such as politics, diplomacy, culture, trade, investment and tourism. Despite the impact of the global economic downturn, their total trade turnover still managed to hit nearly US$100 million last year. Vietnam is also a relatively big export market for Myanmar with its total investment in the country at US$24 million.

PM Dung said that the Vietnamese Government will provide the best possible condition for Vietnamese businesses to invest in Myanmar and abroad.

The Government leader also analysed the fields where both countries have the greatest growth potential such as agro-forestry, aquaculture, tourism, mining, finance, banking, transport, aviation and telecommunications.

The cooperation agreements and investment contracts signed during PM’s Dung visit, especially opening a direct air route between Hanoi and Yangon and a representative office of the Bank for Investment and Development of Vietnam (BIDV) in Myanmar, will add fresh impetus for bilateral cooperation in tourism, trade and investment.

PM Dung also underlined the need to establish an information channel between the Vietnam Ministry of Planning and Investment and the Myanmar Ministry of Planning and Economic Development to facilitate investment and business between the two countries.

Mr Dung witnessed the signing of a cooperation agreement on Vietnam’s investment in 17 projects in Myanmar with a total estimated capital of billions of US dollars. On the occasion, the Vietnamese Investors’ Association in Myanmar also made its debut with 40 members.

The same day, PM Dung attended the opening of a trade fair for Vietnamese products and the inauguration of the BIDV representative office in Myanmar.  

Earlier on April 2, Mr Dung met with Senior General Than Shwe, Chairman of the Myanmar State Peace and Development Council (SPDC).

Mr Dung said Vietnam wants to always promote traditional friendship and multifaceted cooperation with Myanmar and hopes that his visit will make a breakthrough in economic, trade and investment cooperation between the two countries.

For his part, Senior General Than Shwe praised Vietnam’s achievements in the Doi Moi (Renewal) process and agreed on the joint statement on cooperation between the two governments. He also asked relevant agencies and businesses from both countries to fully implement all the agreements reached during Mr Dung’s visit.