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Tuesday, Sep 02nd

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You are here: News Mizzima Sixty Vietnamese businessmen to visit Burma

Sixty Vietnamese businessmen to visit Burma

More than 60 Vietnamese company representatives will arrive in Burma on Sunday, says the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

The Union of Myanmar Federation of Chambers of Commerce and Industry office. Photo: MIzzimaUMFCCI joint secretary (1) Dr. Maung Maung Lay told Mizzima that Burma has something to learn from Vietnam, which has been a member of the World Trade Organization (WTO) since 2007.

He said Vietnam officials have made quick and effective reforms, “and they are ahead of us in this regard.”

“We have just started reform work, and we lag behind them. We have much to learn from them,” he said.

The Vietnam News website said the trade delegation will be led by Vietnam Communist Party Secretary Le Thang Hai. Economist Pham Tat Thang told the website that Vietnam exports textiles, machinery, construction material, chemical fertilizers, foodstuff and forest products.

Burma and Vietnam bilateral investments are expected to increase from US$ 150 million in 2010 to US$ 500 million in 2015 in agriculture, livestock, constructions and gas explorations.

Maung Maung Lay said that about 140 businessmen from South Korea will visit Burma the first week of April, and participate in an economic investment workshop in Naypyitaw.

Vietnam’s economy is greatly admired for its quick innovation to engage in trade with the West. Wikipedia says Vietnam has a “developing planned-market economy.” Since the mid-1980s, Vietnam has made a shift from a highly centralized planned economy to a socialist-oriented market economy which uses both directive and indicative planning. Over that period, the economy has experienced rapid growth. Vietnam is integrating into the world's economy, as a part of globalization and has been rising as a leading agricultural exporter and an attractive foreign investment destination in Southeast Asia.

In 2011, the nominal GDP reached $121.6 billion, with nominal GDP per capita of US$ 1,328. According to a forecast in December 2005 by Goldman-Sachs, the Vietnamese economy will become the 35th largest economy in the world with nominal GDP of $436 billion and nominal GDP per capita of 4,357 USD by 2025.

According to a forecast by the PricewaterhouseCoopers in 2008, Vietnam may be the fastest growing of emerging economies by 2025, with a potential growth rate of almost 10 per cent per annum in real dollar terms that could push it up to around 70 per cent of the size of the UK economy by 2050.