Vietnam promotes trade cooperation with Myanmar

Vietnam is making efforts to promote trade cooperation with Myanmar as the country is emerging as a potential import market.

Although Vietnam has exported some products to Myanmar in recent years, its businesses hold a very small market share in comparison with those from other countries. For example, electronics and electrical goods hold only 0.5 percent, garment materials 1.3 percent and steels 1.4 percent.

In addition, Vietnamese businesses have not yet tapped this market for some kinds of products like medicines and medical equipment, tubes and tires, construction materials, pesticides, cosmetics and fertilizers.

In order to boost Vietnam-Myanmar cooperation, the Vietnamese government and relevant ministries and agencies have undertaken measures to help businesses access the Myanmar market.

The Asia-Pacific Market Department and the Trade Promotion Agency have co-organised a Vietnam-Myanmar International Trade Fair attracting 130 representatives from Myanmar companies. The fair has helped businesses to seek trade opportunities and many export contracts have been signed between the two sides.

There have been a series of other activities since the beginning of 2010 including the Vietnam-Myanmar investment seminars held in the cities of Nay Pyi Taw and Yangon, Myanmar, the opening of a Bank for Investment Development of Vietnam (BIDV) branch in Myanmar, and the opening of a direct Hanoi-Yangon air route.

Cooperation between the two countries is expected to accelerate in 2010 with an official visit to Myanmar by Vietnamese PM Nguyen Tan Dung and a Vietnamese product trade fair to be held in Yangon from April 3-6.

Tags: Vietnam Myanmar business forum, Vietnam Myanmar trading, Vietnam-Myanmar cooperation