Fri. Jul 1st, 2022

Vietnam is targeting over 1 billion USD in investment in
Myanmar by 2015 and 2-2.5 billion USD by 2020 as the country is
emerging as a hotspot for foreign investment.

Deputy head of the
Foreign Investment Agency under the Ministry of Planning and Investment
Vu Van Chung outlined the goal at a Hanoi workshop to introduce
investment opportunities in Myanmar on July 15.

He said the
Myanmar Government is encouraging foreign investment in aquatic farming
and processing, forestry processing, household appliances, textiles and
garment and oil and gas survey and exploitation.

Meanwhile,
Chairman of the Association of Vietnamese Investors in Myanmar (AVIM)
Tran Bac Ha said there is little risk for investment made at this time,
but opportunities will slip away several years later.

He advised
Vietnamese firms to plan long-term in the country, which can serve as
the base for them to further expand their markets to Bangladesh and
southern India.

Cho Cho Wynn, a representative from the
Myanmar Investment Commission said her government is committed to
building a strong foundation for a market-based economy and favourable
investment environment.

While Vietnam is not the first
country to invest in Myanmar, Vietnamese businesses have made
considerable contribution to Myanmar ’s economic development, she
said.

According to Cho Cho Wynn, Myanmar boasts abundant
natural resources and a large workforce as well as share many
similarities with Vietnam in economic terms, so the two countries
should forge a close partnership to help each other foster economic
growth.

Two-way trade between Vietnam and Myanmar has grown by an annual average of 60 percent since 2009.

Since 2010, the AVIM has held field trips to Myanmar for nearly
1,800 Vietnamese businesses. As many as 23 domestic firms have opened
representative offices in Myanmar and five projects worth a total of 600
million USD were granted licences, with the biggest being Hoang Anh Gia
Lai Group’s complex of apartments, offices and hi-end villas worth 440
million USD.

Eighteen other projects worth another 600 million
USD invested by Vietnamese businesses are in the process of making
procedures.-VNA

By vivian