Vietnam plans industrial zone in Myanmar

Vietnam has expressed interest in a setting up of industrial zone focused on the manufacturing of basic wood products and gems and jewelry, according to a bilateral meeting.

Vietnamese firms intend to invest in agriculture, fisheries, wood products, and gems and jewelry, officials said. Myanmar officials said they would help Vietnamese businesses establish the industrial zone in compliance with the Foreign Investment Law.

A bilateral trade committee was formed last year between the two countries to solve disputes, and trade has increased. The committee is working to increase imports of Myanmar agriculture product to Vietnam.

Vietnam is the eighth largest source of foreign investment in Myanmar, with a total of US$513 invested so far.

Vietnamese imports included pharmaceutical products, cement, chemical products, scientific-research tools, machinery, electrical products, paper, rubber and plastic. Myanmar exports included beans and peas, fishery products, teak logs and other hardwood, basic wood products and raw minerals.


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