Vietnam, Myanmar sign multiple economic pacts

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Vietnam and Myanmar have signed agreements in 12 key investment areas including agriculture, finance, communication and mining to boost bilateral cooperation between the two countries.

The agreements were signed during a three-day visit by Prime Minister Nguyen Tan Dung to Myanmar which ended Sunday.

According to one of the agreements, Myanmar has pledged to create conditions for the Vietnam Oil and Gas Group for offshore oil and gas exploration in the country.

The two countries have also agreed to work together to cultivate rubber plantations in Myanmar and in developing high-quality varieties of rice, coffee and tea.

Prime Minister Nguyen Tan Dung said the signing of economic cooperation agreements and business contracts, especially the launch of a direct air route by Vietnam Airlines and the opening of a representative office of the Bank for Investment and Development of Vietnam in Myanmar, will develop bilateral relations in tourism, trade and investment.

Two-say trade between Vietnam and Myanmar reached US$97 million in 2007 and rose to $108 million in 2008. Despite the economic difficulties of last year, trade between the two countries was still healthy at nearly $100 million.

"The Vietnamese people and government will welcome and create favorable conditions for companies from Myanmar to come and do business in our country," he said.

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