Vietnam will invest in Myanmar's new emerging special economic zone with high-tech industries, the Pyi Myanmar news journal reported Thursday.

The two countries will also strive to raise their bilateral trade volume to 100 million U.S. dollars in the next fiscal year of 2007-08 beginning April, according to a decision made by the Myanmar-Vietnam Joint Trade Committee, which has met recently in the new capital of Nay Pyi Taw, the report said.

And trade fairs will be held alternately and extensively in the two countries' major cities to boost bilateral trade.

According to the Ministry of Commerce, Vietnam will hold trade exhibition in Myanmar this year for the fourth time, while Myanmar will take part in the international trade fair in Hanoi.

Myanmar and Vietnam had an annual bilateral trade volume of about 60 million dollars in the last few years.

Vietnam mainly exports to Myanmar pharmaceuticals, fertilizer, chemicals, electrical equipment, plastics, garment materials and construction materials, while importing mainly timber from the country.

Meanwhile, Myanmar is planning six free trade zones under a new special economic zone law to be enacted in the near future. The new special economic zone law has reportedly been completely drafted for enactment, aiming to absorb inflow of more foreign investments into the country to promote its economic development.

According to the latest official statistics, contracted foreign investment in Myanmar has reached 13.917 billion dollars in 402 projects so far since the country opened to such investment in late 1988.

Source: Xinhua