Vietnamese Prime Minister Nguyen Xuan Phuc welcomed Myanmar's proposal to set up a Vietnamese-invested industrial park in the country, expecting government agencies from both countries to build a specific plan in this regard, the governmental portal reported.

Prime Minister Nguyen Xuan Phuc and State Counsellor of Myanmar Aung San Suu Kyi. Source: VGP.

The Vietnamese government encourages local enterprises to invest in Myanmar, which could become a major market for Vietnam in the future, said Phuc in a meeting with State Counsellor of Myanmar Aung San Suu Kyi on December 17.

The two leaders also discussed potential cooperation in various fields including agriculture, telecommunications, energy, construction, among others.

Myanmar State Counsellor Aung San Suu Kyi said the country would create favorable conditions for Vietnamese enterprises to take part in telecommunications infrastructure and IT projects, in social development and e-government, oil and gas exploration, and other fields.

She added Myanmar would ensure fair treatment for Vietnamese companies in accessing business and investment opportunities in Myanmar, while providing preferential treatment for Vietnamese investors and permitting the establishment of branches of Vietnamese banks in Myanmar.

Vietnam and Myanmar agreed to continue closely cooperating in multilateral forums at regional and international levels, including the United Nations, ASEAN, and sub-region cooperation mechanism such as Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS), Southeast Asian subregion of Cambodia, Laos, Myanmar and Vietnam (CLMV), Greater Mekong Subregion (GMS), East-West Economic Corridor (EWEC), among others.

The two countries stressed the significance of maintaining peace, stability and cooperation in the South China Sea, in which territorial disputes must be solved in compliance with international law, including the UN Convention on the Law of the Sea 1982 (UNCLOS), and the implementation of the Declaration on the conduct of Parties in the South China Sea (DOC) and finalization of the ASEAN – China Code of Conduct (COC).