Vietnam-Myanmar Bilateral Trade to Exceed US$500 Million by 2015

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Vietnam’s President Truong Tan Sang’s three-day visit to Myanmar has opened up new opportunities for cooperation between the two countries.

Dec. 5 – During talks between Myanmar’s President Thein Sein and visiting Vietnamese President Truong Tan Sang in Naypyitaw on November 29, the two countries reached an agreement to bring their bilateral trade to US$500 million by 2015, and to further enhance cooperation in 11 fields, including oil and gas, telecommunications and tourism.

At the talks, President Sein promised to foster favorable conditions for Vietnam’s investment projects in the country and asked Vietnam to share its renewal and economic development experiences with Myanmar. The two leaders also affirmed they will keep coordinating in multilateral forums and supporting each other in international and regional organizations. President Sang further expressed Vietnam’s willingness to support and share its experiences with Myanmar to help the country successfully chair ASEAN in 2014.

A day later, President Sang attended the Myanmar-Vietnam business forum and met with Myanmar businesses and representatives.

The Vietnamese president expressed his confidence in bilateral trade between the two countries and set a goal of US$500 million in two-way trade by 2015. President Sang also noted that Vietnam is willing to create favorable conditions for investors from Myanmar, which should help the countries reach that target.

Vietnam and Myanmar set up diplomatic ties in May 1975. Bilateral trade reached US$167 million in 2011 and US$157.4 million has been recorded so far for the first nine months of 2012.

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