President Tran Dai Quang (L) and Myanmar's President Htin Kyaw observe the honorable guards

This is President Htin Kyaw’s first visit to Vietnam since he took office on March 30, 2016. The visit follows his participation in the 8^th Cambodia-Lao-Myanmar-Vietnam Summit (CLMV 8), the 7th Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy Summit (ACMECS 7), and the World Economic Forum on the Mekong (WEF-Mekong). It shows the determination of leaders to boost traditional relations and multifaceted cooperation between Vietnam and Myanmar.

Sharing similarities

Vietnam and Myanmar have a time-honored relationship and share many cultural and religious similarities. Both are members of the Association of Southeast Asian Nations (ASEAN). Vietnam established an information agency in Yangon in 1947, which was elevated to an official governmental representative office in 1948.  The two countries established diplomatic relations in 1975. Vietnam-Myanmar traditional relations and multifaceted cooperation have progressed steadily and obtained practical results through regular exchanges of high-level visits and the implementation of cooperative mechanisms. In June 2013 Parliamentary Friendship Groups were established in each country. The Vietnam-Myanmar Friendship Association was opened in August 2014 to enhance mutual understanding and people exchanges. Both countries organized various to celebrate the 40^th anniversary of their diplomatic ties in 2015 which included the 8^th meeting of the Joint Committee on Vietnam-Myanmar bilateral cooperation.

Economic and trade cooperation is a highlight

Vietnam and Myanmar have focused on a dozen high-priority trade and investment areas: agriculture, seafood, finance-banking, aviation, telecommunication, oil and gas, minerals, electronic equipment, automobile assembling and manufacturing, and construction.

Their economic cooperation has included annual trade fairs in both countries to introduce products and attract investors. Vietnam is Myanmar’s 10^th biggest trade partner, with two-way trade reaching 299 million USD in the first seven months of this year, up 15.9 percent. In addition to staples such as iron and steel, metal products, machinery, equipment and spare parts, plastic materials and products, garments and textiles, and ceramics, Vietnam also exports food, cement, clinker, and interior decorations to Myanmar.

As of May, 2016, Vietnam had 47 investment projects worth 557 million USD in Myanmar. The Association of Vietnamese businesses in Myanmar was established. Vietnam has many important projects in Myanmar including the hotel, office, and shopping center complex of the Hoang Anh Gia Lai Group in Yangon, an oil and gas exploitation project between the PetroVietnam Exploration Production Corporation (PVEP) and the Myanmar Oil and Gas Enterprise (MOGE); other activities of the Vietnam Oil and Gas Corporation; Viettel’s joint venture with Yantanarporn Teleport; and direct flights to Yangon by Vietnam Airlines. In March, 2016, Myanmar licensed the Bank for Investment and Development of Vietnam to open branches in Myanmar.

New momentum for bilateral ties

The two nations have hosted numerous diplomatic activities to strengthen bilateral amity and affiliation. They have regularly coordinated and supported each other at regional and international multilateral forums.