Myanmar, Vietnam to promote bilateral trade

Myanmar, Vietnam to promote bilateral trade

SAM Staff,

Entrepreneurs from Myanmar and Vietnam will cooperate to promote bilateral trade in the years to come as trade relations between the two countries has dropped this year, according to a ceremony to hold the Vietnam and Myanmar Trade and Investment Promotion: Opportunities and Challenges.

Kyaw Daywa, Joint General-Secretary of Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) said: “Until July this year, Myanmar’s exports amounted to US$84.148 million while imports reached US$190.323 million. This year’s trade has lowered compared with numbers from the previous two years. I would like to urge officials to redouble their efforts and cooperation for bilateral trade promotion.”

Bilateral trade between Myanmar and Vietnam amounted to US$ 494.036 million in 2016-2017 fiscal year (exports of US$ 88.253 million and imports of US$ 405.783 million) and US$ 714.810 million in 2017-2018 FY (exports of US$ 127.510 million and imports of US$ 587.3 million).

Vietnam exports vehicle and motorbike accessories, electronic equipment, industrial materials, plastic personal goods to Myanmar. Myanmar exports finished wood products, raw materials and animal products to Vietnam.

In August, 2017, both countries issued a joint statement for mutual cooperation and reached an agreement on further businesses within five sectors.

According to the Myanmar Investment Commission’s figures until July this year, 20 companies from Vietnam have invested over US$ two billion in Myanmar. Vietnam stands seven on the FDI list.