Vietnam and Myanmar seek to boost trade-investment cooperation
VOV.VN - A Myanmar-Vietnam trade fair is scheduled to take place in Yangon, Myanmar on November 1 to attract 22 booths displaying a range of Vietnamese products.
Simultaneously, a Vietnam-Myanmar trade workshop will be held to draw the participation of various representatives of craft associations and businesses of the two countries.
The events to be co-organised by the Vietnam Trade Office in Myanmar and the Myanmar Entrepreneurs' Association aim to boost trade and investment cooperation between the two countries.
According to General Department of Vietnam Customs, two-way trade between Vietnam and Myanmar fetched US$489 million between Jan. and Aug, 2023, marking a reduction by 17% compared to the same period last year.
Of the total value, Vietnam exported over US$311 million worth of goods to the market, down by 15%, while its imports were valued at US$178 million, down 20% year on year.
The fall in Vietnamese exports to Myanmar is mainly due to the recent increase in import restrictions by the Myanmar side.
Moreover, the majority of goods exported to Myanmar require licenses, except for some agricultural machinery and equipment. The time to apply for a license to import goods by sea takes about three and a half months, whilst by road it is about four to six days.
The Vietnam Trade Office in Myanmar says that it will continue to work closely with Myanmar's associations, distributors, contractors, supermarkets, and other businesses to push connection between the two countries’ business communities.
It will also organise trade exchanges, encourage Vietnamese business delegations to Myanmar to seek trade and investment opportunities, and hold trade fairs there.
