Vietnam garment firms to discuss trade with Myanmar

August 28, 2012 - Myanmar

A ‘business matching’ meeting between representatives of Vietnamese firms, including manufacturers of garments and textiles, and their Myanmarese counterparts will be held in Myanmar, the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) said.
 
Last year, bilateral trade between Vietnam and Myanmar was over US$ 167 million, up 9.8 percent year-on-year.
 
Textiles and clothing are among the major products imported by Vietnam from Myanmar.
 
Since Myanmar opened to foreign investment in 1988, Vietnam’s investment in Myanmar has grown to US$ 23.65 million as of November 2011, as per official statistics.
 
In 2011, Myanmar exported apparels worth US$ 770 million, according to the Myanmar Garment Manufacturers Association (MGMA).
 
The recent announcement by the European Union of lifting the sanctions imposed on Myanmar since late 1990s, is set to boost Myanmar’s garment industry.