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Roundup: Myanmar, Vietnam work to enhance bilateral cooperation

Xinhua, July 1, 2015 Adjust font size:

Myanmar and Vietnam have vowed to work to raise the momentum of the two countries' bilateral cooperation during recent separate talks between top leaders of the two countries.

In addition to cooperation in a dozen areas including banking, energy, trade and investment, telecom, agriculture, livestock and marine products, tourist and human resources development, Myanmar President U Thein Sein and Vietnamese Prime Minister Nguyen Tan Dung, who met in a recent subregional summit held in Nay Pyi Taw, also pledged to cooperate in raising the two countries' bilateral trade to 500 million U.S. dollars.

According to official statistics, Myanmar-Vietnam bilateral trade reached 239.28 million U.S. dollars in the fiscal year 2014- 15, of which Myanmar's export to Vietnam accounted for 56.05 million dollars, while its import from Vietnam took 183.23 million dollars.

Vietnamese investment in Myanmar topped 688.59 million U.S. dollars as of May 2015, ranking the 10th in Myanmar's foreign investors' line-up.

Vietnamese Vice President Nguyen Thi Doan visited Myanmar in March, vowing to promote bilateral cooperation with Myanmar in defense and security as well as in international and regional affairs.

In May, Vietnamese Deputy Prime Minister and Foreign Minister Pham Binh Minh also visited Myanmar and attended the Vietnam- Myanmar Joint Commission for Bilateral Cooperation.

Meanwhile, a Vietnamese Hoang Anh Gia Lai (HAGL) Myanmar Center property project has been underway in Yangon since 2013. The project, being developed on a 73,358-square-meter block under a Built-Operate-Transfer model with a land lease term of 50 years, has completed 90 percent of its first phase as reported. The final phase is expected to complete by 2017.

Since early this year, a Vietnamese company -- the Dong A Shipbuilding Joint Stock Company, has also being engaged in vessel building in a joint venture with Myanmar's state-run Myanma Shipyards.

Moreover, Myanmar and Vietnamese bankers are also working to promote technical cooperation in banking operations.

A Vietnamese leading bank -- the Joint Stock Commercial Bank for Investment and Development (BIDV) offered an interest-free loan in October 2014 for installation of corebanking software system to upgrade banking operations of Myanmar banks. Endi