Myanmar-Vietnam trade to reach US$50m
Trade between Myanmar and Vietnam is expected to reach US$50 million in the current fiscal year, said an official from the Vietnamese Embassy in Yangon.
The current 2005-2006 financial year ends on March 31, 2006.
Mr Le Hai Chau, the commercial counselor at the embassy, said bilateral trade from January to August stood at $36.4 million, according to statistics released by Vietnam’s Customs Department.
During that time Myanmar exported more than $24 million worth of commodities to Vietnam and imported about $12 million in commodities from there.
According to statistics from Vietnam’s Customs Department, bilateral trade increased to $21.77 million in fiscal 2003-2004, up 58 per cent from 2002-2003, and reached $35.28 million in 2004-2005.
Although Myanmar had a $3.9 million trade deficit with Vietnam in 2002-2003, it has since 2003-2004 enjoyed a trade surplus, which reached $8 million last fiscal year.
“(Vietnamese traders) are willing to export more commodities to Myanmar because Myanmar had a trade surplus of $12 million during 2005, from January to August,” Mr Le Hai Chau said.
Myanmar’s potential exports to Vietnam include marine products, agricultural products, wood and wood-based products, and copper, while major export items from Vietnam to Myanmar include electronics and electrical products, fluorescent lamps, chemical products and pharmaceuticals.
Mr Le Hai Chau said Myanmar and Vietnam have maintained a good relationship because they are both ASEAN members. “So Myanmar officials will open trade procedures for Vietnamese traders to export more goods to Myanmar.”
Vietnam is ready to export more Vietnamese goods to the Myanmar market if trade procedures on the Myanmar side are liberalised, he said.
Meanwhile, Myanmar’s Deputy Minister for Commerce, Brigadier General Aung Tun, attended the Third Myanmar-Vietnam Joint Trade Meeting, held in Vietnam from November 4 to 6.
Mr Chau said before the meeting that the main objectives would be to review and promote bilateral trade, share information, promote joint investment, and discuss import licence procedures and an exchange of trade delegations.
“The meeting will help solve some obstacles faced by Vietnamese traders who want to boost exports to Myanmar,” he said.
By Ye Lwin - Myanmar Times - November 13, 2005.
|