AVIM seeks to invest USD1.5 bn in Myanmar in textile, agriculture and many other fields

The Association of Vietnamese Investors in Myanmar (AVIM) which groups 76 Vietnamese businesses including many big corporations and groups looking forward to raise their investment to around 1.5 billion USD by 2015 in Myanmar, thus placing Vietnam among the five largest foreign investors in Myanmar.

AVIM Chairman Tran Bac Ha, who is on an official visit in Myanmar from September 5 at an invitation of National Assembly Chairman Nguyen Sinh Hung voiced hope that Myanmar will accelerate the licensing process for Vietnamese projects in the fields of textile, agriculture, health care, energy, construction material production, finance and banking.

Ha also said the businesses will work to help raise two-way trade between the two countries to 650-700 million USD, and the number of Vietnamese tourists to Myanmar to 35,000 in the coming time.

AVIM representatives proposed that Myanmar’s Government and parliament build an open-door legal system, while setting up and perfecting investment incentives for foreign investors.

They also emphasized the need to sign agreements on encouraging and protecting investment, as well as issue regulations on the ownership of investment assets for Vietnamese firms in Myanmar.

Myanmar’s parliament leader U Shwe Mann appreciating the contributions made by AVIM to country’s socio-economic development said Myanmar and Vietnam share many similarities in geography, economy and culture, which are advantages for promoting trade links and investment between their enterprises.

Myanmar is actively conducting reform in every aspect, focusing on institutional reform and market opening to push economic development and improve living standards for its people.

During the process, the country is learning from experiences of other countries in improving legal framework and simplifying administrative formalities so as to attract more foreign investment to Myanmar.

U Shwe Mann took note of AVIM’s requests and asked the association to continue acting as a bridge to bring more investment from Vietnam to Myanmar, especially in agriculture, hotel, tourism, finance and banking, contributing to deepening the bilateral relations between the two countries.

At present, Vietnamese investors have seven projects worth a total of 600 million USD in Myanmar. In addition, 56 Vietnamese businesses have been licensed to operate in the country.

Established under an initiative by the Bank for Investment and Development of Vietnam (BIDV) , AVIM comprises of 76 members, including prestigious businesses such as PetroVietnam, Vietnam Airlines, Hoang Anh Gia Lai Group and Song Da Corporation.