By Kyaw Htike Soe
M YANMAR i s among the first countries which established relations with Viet Nam. Myanmar officially established diplomatic relations with Viet Nam on 28 May, 1975. The two Southeast Asian countries will be celebrating the 45th anniversary of establishment of diplomatic ties in 2020. Viet Nam and Myanmar have many similarities in culture, religion, history of struggle for national independence, significant geopolitical position in the Southeast Asia Region as well as the national reconciliation.
Myanmar became a key overseas emerging investment market for Vietnamese enterprises due to its consumption trends, low cost of market research, abundant young workforce and relaxed export & import related policies. Recently, Prime Minister of Viet Nam Mr Nguyen Xuan Phuc paid an official visit to Myanmar at the invitation of President U Win Myint.
They discussed promoting bilateral relations and cooperation, friendship, and enhanceing political trust through the regular exchange of visits of senior officials and meetings and people-to-people exchanges. President U Win Myint and Vietnamese Prime Minister Mr Nguyen Xuan Phuc agreed to achieve the comprehensive cooperative partnership and upgrade bilateral ties to a new level. Vietnamese Prime Minister Mr Nguyen Xuan Phuc also met State Counsellor Daw Aung San Suu Kyi and discussed ways to expand all-round cooperation between the two countries.
They had in-depth discussions on a wide of issues including bilateral trade, investment, agriculture, and cooperation in defence and security sectors. They also agreed to take mutually beneficial cooperation to a new level in various sectors and strengthen collaboration that will be helpful not only for the two countries, but also for peace and stability in the region. To ensure peace and security in the ASEAN Region, they pledged to boost bilateral security and defence cooperation by sharing information and experience. Vietnamese Prime Minister Mr Nguyen Xuan Phuc welcomed Myanmar’s proposal on establishing a Viet Nam Industrial Park in Myanmar and Myanmar companies’ presence in Viet Nam. Along with stronger bilateral relations at all levels, mutual trust and understanding between the two governments and peoples has been increasingly deepened. The two leaders witnessed the signing and handing over of four cooperation agreements namely, an action plan for implementing the Comprehensive Cooperation Partnership for 2019-2024, a Memorandum of Understanding (MoU) on Agriculture and Rural Development Cooperation, and a MoU between the two foreign ministries and an agreement for Myanmar and Vietnamese travelers to visit each other’s country for 30 days without visas starting on 1 January, 2020.
They also committed to deepen cooperation on defence and security to make the ASEAN Region secure and stable. The visit of Prime Minister Mr Nguyen Xuan Phuc to Myanmar was said to be a success, promoting bilateral collaboration between the two countries to a new level for the sake of the two peoples as well as peace, stability and development in the region and beyond the world.
Viet Nam is considered one of the top foreign investors in Myanmar with over 20 investment projects. The number of Vietnamese firms in Myanmar has doubled to 200 from that in 2016. In addition two-way trade turnover between Myanmar and Viet Nam amounted to over US$ 1.02 billion in 2019, surpassing the goal of US$ 1 billion that the two countries had earlier set for 2020. Vietnamese investors have injected nearly US$2.2 billion into Myanmar, accounting for 2.8 per cent of the total foreign investment in Myanmar and making Viet Nam the seventh-largest foreign investor among 49 countries and territories investing in Myanmar. Vietnamese investors mainly poured their investments into much-needed infrastructure projects in Myanmar such as telecommunications, tourism, construction, and consumer goods.
Trade volume between Myanmar and Viet Nam was worth around US$ 550 million in 2016, exceeding the goal of US$ 500 million set by the leaders of the two countries. Bilateral trade increased to nearly US$ 830 million, up 51% from 2016. Bilateral trade was valued at US$ 860 million last year, making Viet Nam the ninth largest trading partner of Myanmar. Myanmar moved up 12 places, from the 55th position among Viet Nam’s trading partners in 2010 to 43rd in 2017.
Ref; Viet Nam Economic News
