Myanmar commits to simplifying procedures, facilitating Vietnamese investors

Deputy PM Vuong Dinh Hue and Minister for Planning and Finance of Myanmar Soe Win meets on June 18 in Naypyidaw, Myanmar - Photo: VGP/Thanh Chung

At the meeting, the two sides expressed delight on the two-way trade value of US$860 million in 2018 (from US$250 million in 2011) with the annual growth of 19%, making Viet Nam become the ninth largest trade partner of Myanmar. 

Viet Nam has poured US$2.2 billion in 18 projects in Myanmar, ranking seventh among investors in Myanmar. 

Four Vietnamese financial organizations have opened representative offices or branches in Myanmar.   

Deputy PM Hue highly appraised the Myanmar’s Government to facilitate the Vietnamese enterprises' investment  in the country, suggesting Minister Soe Win continue creating favorable conditions for Vietnamese firms, especially simplifying procedures and shorten quarantine and clearance time, narrowing the list of import items that require permission and registering for ownership of assets in Myanmar for foreign investors, including those from Viet Nam. 

He also valued the Central Bank of Myanmar to issue policies and regulations on facilitating foreign credit organizations, including Vietnamese ones to operate and make contributions to the development of Myanmar’s financial market, proposing Myanmar continue allowing Viet Nam’s credit organizations to establish and open representative offices in Myanmar. 

The Myanmar’s Government is making efforts to simplify procedures to create an open investment environment for foreign investors, Soe Win asserted.   

*The same day, Deputy PM Hue met with the Vietnamese business community in Yangon, asserting that the two nations’ senior leaders have committed to facilitating investment and trade ties, striving to raise the bilateral trade value to US$1 billion by 2020. 

By Thuy Dung