Myanmar to establish steel JVs with Vietnam
Myanmar will speed up the establishment of steel production
joint ventures with Vietnam, Industry Minister U Maung Myint told his
Vietnamese counterpart Vu Huy Hoang in Hanoi on May 14.
He proposed Vietnam invest in Myanmar’s garment industry and
encourage its chemical manufacturers to boost exports to the country.
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Myint said the purpose of his Vietnam visit is to seek partners to promote bilateral industrial cooperation, especially in chemical, fertilizer, steel, and agricultural machinery manufacturing.
He had working sessions with leaders of the Vietnam National Chemical Group (Vinachem), the Vietnam National Textile and Garment Group (Vinatext), the Vietnam Steel Corporation (Vnsteel), and the Bank for Investment and Development of Vietnam (BIDV).
He revealed that BIDV will lend the Myanmar bank for small and medium businesses under a memorandum of understanding due to be signed in late May.
Vietnam Minister Vu Huy Hoang expressed hope Myanmar will soon promulgate its foreign investment law to facilitate Vietnamese investment in the country.
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