The Vietnam News reported that Vietnams investment in Myanmar is expected to reach US$ 2 billion by 2018 from its current US$500 million.
Tran Bac Ha, chairman of the Association of Vietnamese Business Investors in Myanmar (AVIM) said Vietnam has also opened direct flights from Ha Noi and HCM City to Yangon in efforts to promote trade and tourism between the two countries.
Satistics showed that by the end of last year, Vietnam had 15 planned investment projects in Myanmar with total registered capital of US514 million.
Several initiatives, including those of Simco Da River Company, Viettel, Vietnam Airlines, PetroVietnam, PetroVietnam Exploration and Production Corporation (PVEP) and Viglacera Corporation, have obtained business licences thus far.
Hoang Anh Gia Lai Real Estate Development Company recently invested US$300 million in a trading, office, and housing complex in Yangon.
Ha noted that Vietnam and Myanmar needed to further promote co-operation, as Myanmars foreign direct investment into Vietnam has not yet reached its full potential.
He went on to say that HCM City would hold a trade fair in Yangon on the 15th and 19th of next month, to include a local business delegation in search of co-operative opportunities.
The BIDV project is expected to produce 7,000 tonnes of sugar per day in its first phase and 20,000 tones in the second phase, 30 MW of electricity and 1,000 tones of micro-organism fertilizer.
Swe said the Yangon Government would support Vietnams investment in Myanmar adding that authorities from the International Monetary Fund and World Bank have been supporting Myanmar in improving its banking system.
The country has also opened its market to foreign banks, especially those with already established representative offices.
According to the Vietnam News, the AVIM, including 45 leading Vietnamese businesses, was established in 2009. It has organised more than 600 trips for Vietnamese business delegations and around 2,000 entrepreneurs to Myanmar for investment co-operation purposes.