Myanmar calls for Vietnamese investments

HCMC – Visiting Speaker of the Assembly of the Union of Myanmar Thura U Shwe Mann on Sunday called on Vietnamese firms to strengthen investment and trade ties with Myanmar as the country is making the business environment more investor-friendly.

At a meeting with the Association of Vietnamese Investors in Myanmar (AVIM) on Sunday during his official four-day visit to Vietnam, the Myanmar dignitary said both countries have similar natural conditions and culture, which are favorable for nurturing business ties.

Myanmar is actively pushing reform in every aspect, focusing on institutional reform and market expansion to fuel economic development and improve local people’s living standards, U Shwe Mann said. The country is also learning experiences from other nations in bettering its legal framework and simplifying administrative procedures to attract more foreign investors to Myanmar, the speaker noted.

As many as 56 Vietnamese businesses have received investment certificates to do business in Myanmar and seven projects worth US$600 million have been licensed in the country, the Vietnam News Agency reports, citing data from AVIM.

These projects included Hoang Anh Gia Lai Group’s complex of hotels, apartments and offices worth US$440 million and Anh Sao Viet Pharmaceuticals Corporation’s drug making facility worth US$23 million.

Tran Bac Ha, board chairman of Bank for Investment and Development of Vietnam (BIDV) who also serves as AVIM chairman, hoped to raise the association’s investment in Myanmar to around US$1.5 billion by 2015, making Vietnam one of the five largest foreign investors in the country.

AVIM members at the meeting proposed the Myanmar’s Government and parliament build a liberal legal system and set out supportive incentives for foreign investors.

The association also hoped Myanmar will accelerate licensing Vietnamese projects in the fields of textile, agriculture, health care, energy, building material production, finance and banking.

Established under an initiative by BIDV, AVIM comprising of 76 members such as PetroVietnam, Vietnam Airlines, Hoang Anh Gia Lai Group and Song Da Corporation has sent nearly 5,000 Vietnamese businessmen to Myanmar to sound out investment prospects.

Source: The Saigon Times