Myanmar and Vietnam agreed to try to boost bilateral trade to US$500 million by 2015, Vietnam News reported last week.
The paper said the agreement was reached during a visit by Vice President U Nyan Tun to Vietnam from March 19 to 23.
Vietnam President Truong Tan Sang said the agreement is a positive step in the burgeoning relationship between the two countries. He also voiced his belief in Myanmar’s reforms.
The two officials agreed to expand cooperation in agro-forestry, fisheries, banking, telecommunications, transport, oil and gas and tourism.
U Nyan Tun also met the Association of Vietnamese Investors in Myanmar (AVIM) to seek measures to boost two-way trade during his visit.
U Nyan Tun told Vietnamese investors that Myanmar had received US$40 billion in foreign investment from 30 countries since 1988 by the end of February. Vietnams stands as ninth-largest foreign investor in Myanmar with investments totaling $370 million. There are 18 Vietnamese companies registered in Myanmar.
The bilateral trade volume amounted to $66 million in the 2012-13 financial year, Ministry of National Planning and Economic Development statistics show.
The biggest Vietnamese investment in Myanmar is a $300-million property development along Kabar Aye Pagoda Road in Yangon, which is being built by Hoang Anh Gia Lai Co. The company signed an agreement with the Ministry of Hotels and Tourism in December last year to develop the 18.13-acre plot near Sedona Hotel in Yangon.