Official probes boosting trade with Myanmar

VNBusinessNews – The potential for trade and economic co-operation between Viet Nam and Myanmar remained large and the two countries’ governments and businesses should work hard to realise it, said Deputy Minister of Industry and Trade Nguyen Thanh Bien.

Addressing Vietnamese and Myanmar businessmen at a meeting in Ha Noi yesterday, Bien said the two-way trade had made a big leap over the last 10 years, surpassing US$108 million in 2008, an increase of 11 per cent from the previous year, despite the effects of the ailing global economy.

Viet Nam ranks 16th among world exporters to Myanmar and is the 11th largest buyer of goods from the country. Some of Viet Nam’s giant groups, including PetroVietnam and Viettel, have launched their business in Myanmar.

Bien also named similarities in the two countries’ economic structures and exchanges of goods as advantages for them to seek closer trade ties.

At a meeting of the Viet Nam-Myanmar Joint Committee for Trade on the same day, officials from the two countries discussed ways to facilitate trade exchange, including simplifying administrative procedures, particularly in payment, shipping, insurance and other trade services.

Deputy Minister of Trade Aung Tun, head of the Myanmar businessmen delegation, emphasised the need for regular exchanges of market information and more trade promotion activities.