Vietnam encourages businesses to invest in Myanmar

  • 03:43 - 2014/05/16

The Vietnamese Government will encourage and create every condition for businesses to invest in Myanmar, Prime Minister Nguyen Tan Dung said while receiving Myanmar Minister of Industry U Maung Myint in Hanoi on May 13.

PM Dung receives Myanmar Minister of Industry U Maung Myint
PM Dung highlighted the positive development of bilateral cooperation in economics, trade and investment over the past time, suggesting that the two sides seek to further boost collaborations in 12 areas agreed upon by their high-ranking leaders, including seafood, oil and gas, telecommunication, aviation and energy.

The Myanmar Ministry of Industry and Vietnam’s Ministry of Industry and Trade should discuss specific measures to facilitate Vietnamese businesses’ investment in Myanmar, including the early licensing of Vietnamese banks in the country, he said.

Congratulating Myanmar on its successful hosting of the 24 th ASEAN Summit on May 10-11, PM Dung said he met with Myanmar President U Thein Sein on the sidelines of the event to seek ways to boost economic, trade and investment cooperation between the two countries.

The two sides agreed to coordinate with other ASEAN members in promoting solidarity within the bloc and building the ASEAN Community by 2015. They also raised a common voice in international and regional issues, including the ongoing tensions in the East Sea , he added.

For his part, Minister Myint said his visit aims to foster bilateral trade connections in the fields of chemicals, fertiliser, steel and agricultural machinery.

He affirmed that his government will create favourable conditions for Vietnamese firms to do business in Myanmar.

Sharing concerns over China’s placement of a drilling rig into Vietnam’s continental shelf and exclusive economic zone, the minister stressed that Myanmar’s consistent policy is that the parties concerned should abide by international law, especially the 1982 UN Convention on the Law of the Sea (UNCLOS) and the Declaration on the Conduct of Parties in the East Sea (DOC)

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