Discussing on Myanmar’s policies to encourage foreign investment, the diplomat said Myanmar government officials have pledged that Vietnamese businesses can receive investment licence in two weeks instead of six months provided that they have all necessary documents.

Anh also cited a recent announcement by the President of the Investment Committee and Industry Minister of Myanmar U Soe Thane that foreign investors will be entitled to tax exemption for eight years instead of the current regulation of five-year exemption and a 50 per cent reduction in the next three years.

Foreign investors will also be allowed to lease land for 50 years instead of the current period of 30 years and there will be no cap on the level of investment capital. With these new policies, Myanmar has become a magnet to international investors with a number of conglomerates from the US, Japan and the UK rushing to seek opportunities. Vietnamese businesses will not be able to seize the best investment opportunities if they are slow, he said.

According to ambassador Anh, Vietnamese businesses can have good opportunities in agriculture, car assembling, electronic product manufacturing, and aquaculture.

Vietnam and Myanmar have defined 12 priority fields for their cooperation with oil and gas and agriculture seeing good progress. At present, Vietnam is conducting a seismic exploration at M2 lot off the coast of Myanmar and several Vietnamese businesses are planting new varieties of rice on a trial basis in Myanmar.

Vietnam has so far had two investment projects in Myanmar, including pharmaceutical manufacturing project of AFV Pharma Company, the first foreign pharmaceutical project in Myanmar, and a real estate project of Hoang Anh Gia Lai Group.

Ho Chi Minh City and Yangon are expected to sign a twinning cooperation agreement in Yangon, Myanmar, in April.