Phu Trong Visit to Boost VN’s Economic Ties with Myanmar

ECONOMIC activities between Myanmar and Vietnam are likely to be more active thanks to the upcoming visit by Phu Trong, general secretary of the Communist Party of Vietnam (CPV), says Chu Cong Phung, former Vietnamese ambassador to Myanmar.

Phu Trong will visit Myanmar from tomorrow to August 26 upon the invitation of President Htin Kyaw whom he met at the party’s headquarter in Vietnam last year.

It will be the first visit by a general secretary of CPV in two decades since Do Muoi’s visit in 1997.

Phung said the high-ranking official’s visit would create a momentum to lift the bilateral relations to a new height, strengthen the coordination in building an unified Asean community, and address international and regional issues, especially the South China Sea and Mekong regional cooperation.

“Myanmar and Vietnam are increasingly asserting their important roles in Asean. So, the general secretary’s visit will lead to improving bilateral cooperation in all important areas, especially politics, economics, trade, investment, national defence, security, culture, tourism, people exchange and energy,” he said.

“The two countries look forward to working together to contribute to the building of a unified Asean community that is capable of maintaining peace, stability, security and navigation in the South China Sea, promoting the peaceful settlement of disputes based on international laws and making efforts to reach an effective Code of Conduct on the East Sea soon.”

He said investment from Vietnamese companies recently went up and Myanmar had approved US$1.4 billion investment from May 2016 to May this year.

To date, Vietnam stands seventh in the list of foreign investors in Myanmar with nearly $2.1 billion in 15 projects including the telecommunication plans of Viettel, hotel complexes, high-class apartments, offices of Hoang Anh Gia Lai Group, pharmaceutical projects of ASV Holdings and projects of the Bank for Investment and Development of Vietnam, according to the Directorate of Investment and Company Administration.

“At present, bilateral relations are developing strongly in all fields, especially in politics and economics. Bilateral trade in 2010 was just $127 million before rising to $538 million in estimated turnover last year, a 24 per cent improvement compared to 2015,” he said.

In particular, the import value of Vietnam from Myanmar was estimated at $82 million in 2016, increasing 42 per cent when compared to 2015 while the export turnover of Vietnam to Myanmar was estimated at $456 million, up 20.4 per cent. Vietnam mainly exports iron and steel products, transportation and spare parts, machineries, equipment, plastic products, textiles and garments to Myanmar while its major imports form Myanmar are raw rubber, wood and forest products, agricultural and aquatic products.

He said the visit would lead to Myanmar attracting more investment from Vietnam and widen the export market for Myanmar’s commodities through improved bilateral cooperation.

 

Source: Myanmar Eleven

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