Myanmar and Vietnam have vowed to step up bilateral cooperation from similar standpoints of promoting regional peace, stability and development.

It was pledged at a meeting between Myanmar President U Thein Sein and visiting Chairman of National Assembly of Vietnam Nguyen Sinh Hung in the Myanmar capital of Nay Pyi Taw Wednesday.

Their discussions also covered increased investment in Myanmar by Vietnamese entrepreneurs and Vietnam’s readiness to support Myanmar’s reform process and share the experience in implementing reform for 30 years.

Hung also met speakers of both Houses U Khin Aung Myint and USwe Mann during his visit to Myanmar.

A cooperation agreement between the two parliaments of the two countries has been signed.

During his visit to Hanoi in March 2012, U Thein Sein agreed with his Vietnamese counterpart Truong Tan Sang to continue bilateral cooperation in such areas as agriculture, forestry and fisheries, livestock breeding, finance and banking, telecommunication, transport, oil and gas, construction materials and tourism.

The two leaders also agreed to maintain the exchange of visits at different levels and hold regular meetings on cooperation, including those of the joint committee on bilateral cooperation, the joint committee on trade cooperation and the political consultancy talks between the two foreign ministries.

In November 2012, Sang made a reciprocal visit to Nay Pyi Taw.

In May this year, as part of bilateral cooperation, a 45-member Vietnamese entrepreneurs’ delegation came to Myanmar initiating a memorandum of understanding with the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) on cooperation in various economic sectors.

Both sides vowed to cooperate in sectors related to textile, hotel and tourism, electronic and spare parts, marine products, food, oil and gas, construction materials, fruits and vegetables, agriculture, housing and sanitation.

Vietnam stands the 19th in Myanmar’s foreign investors’ line-up, with its investment reaching 371.186 million USdollars in 6 projects as of March, 2013 since Myanmar opened to such investment in late 1988.

Bilateral trade between Myanmar and Vietnam reached 49.51 million USdollars in the first four months (April-July) of the fiscal year 2012-13, of which Myanmar’s export to Vietnam accounted for 26.97 million dollars while its import stood at 22. 54 million dollars.

Vietnam mainly imports forestry products, marine products, vegetables and rubber from Myanmar while exporting to the country iron products, machines and spare parts, plastic, textile and clothing.

In recent years, Vietnamese Hoang Anh Construction and Development House Joint Stock Company were involved in hotel investment in Myanmar, taking up a 300 million US dollars’ project of an international-standard hotel and housings in Yangon.

In March this year, Myanmar Vice President U Nyan Tun paid the first goodwill visit to Vietnam at the invitation of his Vietnamese counterpart Madam Thi Doan, bringing the two countries’ bilateral relations and cooperation to a new high.

By Agencies

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