Caretaker President Min Aung Hlaing Signs 7 Business MOUs During Vietnam Trip, Mytel Owes Over $370 Million in Loans, JFM Reveals

The Caretaker President, Min Aung Hlaing, has signed seven business-to-business (B to B) Memoranda of Understanding (MOUs) during his visit to Vietnam, aiming to address the foreign exchange shortage faced by the country following the military coup, Western sanctions, and the withdrawal of investments. Caretaker President U Min Aung Hlaing and Daw Kyu Kyu Hla visited Vietnam from September 4th to 6th. On the final day of the trip, during the "Myanmar-Vietnam Economic Forum," they urged Vietnamese businessmen to invest in projects such as the Thilawa Special Economic Zone and the Dawei Deep Sea Port. Approximately 600 business representatives from both countries attended the forum, and seven B to B MOUs were signed between businessmen from both nations for cooperation in agriculture, livestock, digital transformation/technology, mining, and energy sectors, according to Daw Khine Khine Soe, the spokesperson for the caretaker government. "We have heard news that the former businessmen who left our country are interested in returning. We also understand that there are groups who wish to come and invest further," said Daw Khine Khine Soe. In Vietnam-Myanmar trade, Myanmar primarily exports agricultural products to Vietnam, while Vietnam mainly imports fertilizers, plastic products, motor vehicles and parts, and steel products. Vietnam's prominent investment in Myanmar is the telecommunications company Mytel, which is jointly operated by a company owned by the Vietnamese military and a company owned by the caretaker government's military. According to interim financial statements from Viettel Global recorded until June 30, 2026, Mytel has overdue loans amounting to 9.8 trillion Vietnamese Dong (approximately $375 million), as revealed by Justice For Myanmar (JFM). JFM has strongly criticized Vietnam, stating that Vietnam is cooperating with the terrorist military junta by welcoming Min Aung Hlaing, at a time when there are disagreements within the ASEAN bloc regarding Myanmar's affairs.