During the three-day visit until Saturday, some agreements on bilateral trade between private entrepreneurs of the two countries will be signed, said the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) Monday.

Proposals for joint venture projects between the two sides will also top the agenda in their discussions, the sources said, adding that bankers of the two countries will involve in the move.

The Vietnamese entrepreneurs' upcoming visit is a follow-up of that to Yangon of a Vietnamese ministerial delegation, led by Deputy Minister of Industry and Trade Nguyen Thanh Bien, in November last year, during which discussions were made with the UMFCCI, led by its chairman U Win Myint, on matters relating to economic and trade opportunities and cooperation between the two countries, exchanging of delegations, study of agricultural technology, trade and investment.

Some Vietnamese entrepreneurs hold that they want to put a first hand into the Myanmar market in the light of Myanmar's foreseen political and economic evolution ahead although its current investment in Myanmar reached merely 0.15 percent of the total.

According to official statistics, Vietnam's investment in Myanmar hit 23.4 million U.S. dollars as of the end of September last year since the country opened to such investment in late 1988.

The Vietnamese businessmen said they wants to expand investment in the fishery and hotel industry.

Vietnam stands the 16th among Myanmar's exporting countries. Myanmar mainly exported its forestry products to Vietnam, followed by agricultural produces, seafood and electrical spare parts, while it imported from Vietnam steel, electronic goods, pharmaceuticals, medicines, industrial products, chemical products, computer and accessories, plastic, cosmetics and engine oil.

According to the Vietnamese figures, Myanmar-Vietnam bilateral trade reached 60 million U.S. dollars in the first nine months of 2009.

Of the total bilateral trade volume during the period, Vietnam' s export to Myanmar amounted to 18 million dollars, while its import from Myanmar stood 42 million dollars, suffering a trade deficit of 24 million dollars.

In 2008, Myanmar-Vietnam bilateral trade totaled 108.2 million dollars, up 11.27 percent compared with 2007, Of them, Myanmar's export to Vietnam took 75.6 million dollars while its import from Vietnam represented 32.6 million dollars.

Meanwhile, under a memorandum of understanding reached between the Myanmar Fishery Department and its Vietnamese counterpart in December last year, Vietnamese fish species will be bred in such cold regions as Myitkyina, Kanpaikthi, Kutkai, Loilem and Linkay in northern and northeastern parts of Myanmar.

Moreover, Myanmar and Vietnam are also seeking direct air link as part of their efforts to boost the two countries' economic and trade cooperation.

In this regard, Vice-President of Vietnam Airlines Duong Tri Thanh visited Nay Pyi Taw in December last year also for the bid and Myanmar tourism circle expects that the probable Yangon-Hanoi direct air link would bring in more tourists and boost Myanmar's tourism industry.

Xinhua - January 10, 2010