A Vietnamese pharmaceutical company, the ASV Pharma, has built the first Myanmar-Vietnam joint venture pharmaceutical factory in Myanmar, a local weekly said in this week's issue.
The factory was established in Mingaladon industrial park in the commercial city of Yangon with the cooperation of Myanmar Entrepreneurs Integrated Group, the Pyi Myanmar News said.
ASV Pharma, a member of ASV Holdings, opened a booth at the Vietnam Commodities Fair held in Myanmar in early 2010 to introduce its pharmaceutical products.
The establishment, supported by the Bank for Investment and Development of Vietnam (BIDV), was initiated by a working visit to Myanmar by Vietnamese Prime Minister Nguyen Tan Dung in April 2010.
According to official statistics, Vietnam-Myanmar bilateral trade amounted to 82 million U.S. dollars in the fiscal year of 2009-10.
Vietnam stands the 16th among Myanmar's exporting countries. Myanmar mainly exported its forestry products to Vietnam, followed by agricultural produces, seafood and electrical goods, spare parts, while it imported from Vietnam steel, electronic goods, pharmaceuticals, medicines, industrial products, chemical products, computer and accessories, plastic, cosmetics and engine oil.
Meanwhile, Vietnam's investment in Myanmar hit 23.4 million U.S. dollars as of February this year since the country opened to such investment in late 1988.
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