Monday, August 27, 2012

Vietnam working to increase business ties to Burma

Monday, 27 August 2012 15:49 Mizzima News

Vietnam continues to build on business contacts in Burma, this time through a “business matching” meeting in Rangoon on Tuesday.

The meeting will be held at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), UMFCCI said on Saturday.

Businesspeople will discuss cooperation in sectors including natural cosmetic products, fruits and vegetables, construction material, home decoration products, textiles, footwear, stationary, chemicals and laboratory equipment.

In 2011, the bilateral trade between Vietnam and Burma reached more than US$ 167 million, an increase of 9.8 percent over 2010.

From Burma, Vietnam mainly imports forestry products, marine products, vegetables and rubber while exporting to Burma iron products, machines and spare parts, plastic, textile and clothing.

Vietnam's investment in was US$ 23.649 million as of November 2011, since Burma opened to foreign investment in late 1988, according to official statistics.

On July 30, Mizzima reported that Vietnam looked to become a major hotel investor in Rangoon.

The demand for hotel rooms has risen as the number of tourists and business arrivals has increased rapidly.

Among them, HAG & Land from Vietnam is in discussions to invest US$ 300 million in the hotel sector.

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