Myanmar and Vietnam have agreed to cooperate in developing the fishery industry by carrying out joint venture fishery production, sources with the Myanmar fishery authorities said on Thursday.

The decision was made during recent talks between a visiting Vietnamese delegation headed by Vietnamese Minister of Fisheries Ta Quang Ngoc, and a Myanmar delegation led by Minister of Livestock and Fisheries Brigadier-General Maung Maung Thein, the sources said.

Official statistics said Myanmar's fishery sector stands the fourth largest contributor to the gross domestic product and also the fourth largest source of foreign exchange earning in the past five years.

In 2005-06 fiscal year, Myanmar exported over 270,000 tons of fishery products valued at 359 million dollars and in the first half of 2006-07 which began in April, the country exported 154,800 tons of fishery products, up 1,000 tons from the same period of 2005-06, earning 212 million US dollars, 10 percent more than the corresponding period of 2005-06.

The two countries will also strive to raise their bilateral trade volume to 100 million US dollars in the next fiscal year of 2007-08 beginning April, according to a decision of the Myanmar- Vietnam Joint Trade Committee, which met in February this year in the new capital of Nay Pyi Taw.

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 from the country mainly timber, according to traders.