Vietnam, Myanmar tie economic knot
The Saigon Times Daily
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| : Prime Minister Nguyen Tan Dung (C) and Minister of Planning and Investment Vo Hong Phuc (L) at the ribbon-cutting ceremony to open the representative office of Bank for Investment and Development of Vietnam in Yangon, Myanmar - Photo: TTXVN |
HCMC – Vietnam and Myanmar on Saturday pledged to strongly shift their relationship to the economic front, signing a host of agreements that cover a wide spectrum of important trade and investment cooperation areas.
In a joint communiqué signed in Yangon before Prime Minister Nguyen Tan Dung wrapped up his official visit to the country, the two governments agreed to bring their partnership to a higher plane, the Government’s website www. chinhphu.vn reported.
Business circles of the two countries will deepen ties in almost all important trade and investment spheres, which was described by PM Dung in his keynote address at the Vietnam-Myanmar Investment Forum on Saturday as closer connectivity.
The Myanmar visit will “herald the beginning of a new stage of closer connectivity in economy, trade and investment between the two economies of Vietnam and Myanmar,” Dung was quoted by the news website as saying.
As stated in the communiqué, the two countries agreed to strengthen cooperation in 12 different business areas, including oil and gas exploitation, aviation, retail, banking, agriculture, construction, and tourism to name but a few.
Vietnam Airlines, apart from launching air service to Myanmar, will explore the possibility of teaming up with Myanmar partners to operate international air services to and from Myanmar. Vietnam also wants to establish a joint venture to offer domestic air services in Myanmar, according to the communiqué.
In banking, the two countries praise the opening of a representative office by Bank for Investment and Development of Vietnam in Yangon, Myanmar, as well as the signing of a cooperation agreement between the two central banks to create a legal framework for future tighter banking cooperation.
In telecommunications, Vietnam’s military-run Viettel cut a deal to open an office in Myanmar as well as contracts on roaming services between the two countries. Myanmar agrees to consider other projects submitted by Viettel, and will make it easier for Vietnam Post and Telecommunication Group to enter Myanmar, says the communiqué.
Other important business deals include PetroVietnam getting support to explore and exploit oil and gas off Myanmar’s shore, several Vietnamese companies being given the rights to grow and process rubber in Myanmar, and mining rights given to Vietnam.
Vietnamese entrepreneurs accompanying PM Dung in the Myanmar visit also expressed keen interest in the retail business, automobile industry, fishing and agriculture, according to the communiqué.
Speaking at the investment forum in Yangon, PM Dung said the Vietnamese Government would create all favorable conditions for local companies to invest in Myanmar, and called on the Myanmar business circle to deepen ties with Vietnamese partners for mutual benefits. Dung also encourage Myanmar companies to invest in Vietnam.
Speaking at the forum, Minister of Planning and Investment Vo Hong Phuc said many Vietnamese companies were paying special attention to Myanmar as a new investment destination. Vietnam has issued licenses for nearly 500 outbound investment projects by local companies with total pledged capital of some US$7.2 billion, he said.