Vietnamese businesses keen to invest in Myanmar
Considered the last golden investment destination in Southeast Asia,
Myanmar has become highly attractive to foreign investors including
Vietnamese businesses, the Vietnam Economic News said on June 17.
Considered the last golden investment destination in Southeast Asia,
Myanmar has become highly attractive to foreign investors including
Vietnamese businesses, the Vietnam Economic News said on June 17.
Director of the Ho Chi Minh City’s Investment and Trade Promotion Centre (ITPC) Pho Nam Phuong was quoted as saying recent surveys in Myanmar show that the country is an attractive, potential market for Vietnamese goods, as it imports 90 percent of its industrial and consumer goods. In addition, many Myanmar companies want to cooperate with Vietnamese counterparts.
According to the statistics, Vietnam-Myanmar trade came to 228 million USD in 2012 and 300 million USD in 2013. However, Vietnam still lags behind many countries, including Singapore, China, Indonesia, Japan, the US, Thailand and the Republic of Korea in terms of goods exports to Myanmar.
As of the end of 2013, there were 45 Vietnamese businesses licensed to operate in Myanmar, while 19 others waiting to be licensed. Seven Vietnamese projects with a total registered capital of more than 600 million USD were licensed to invest in Myanmar. Of these, notable projects included the Hoang Anh Gia Lai hotel, trade centre and office and apartment building complex, Simco Song Da Corporation’s marble mining project and the PetroVietnam Exploration Production Corporation (PVEP)’s oil and gas exploration joint venture project.
Phuong said that Vietnamese businesses can export to Myanmar cattle, poultry and seafood disease prevention drugs and seafood, farm produce and forest product processing and preservation equipment and technology. They can strengthen investment cooperation with Myanmar partners in agricultural, forestry and fishery technology, farm development, health and education.
According to the newspaper, many Vietnamese businesses have said that Myanmar is a potential market and they will improve competitiveness through quality improvement.
Vietnam targets to increase its trade with Myanmar to 600 million USD in 2015 and its direct investment in the country to the 2 billion USD level.-VNA
Director of the Ho Chi Minh City’s Investment and Trade Promotion Centre (ITPC) Pho Nam Phuong was quoted as saying recent surveys in Myanmar show that the country is an attractive, potential market for Vietnamese goods, as it imports 90 percent of its industrial and consumer goods. In addition, many Myanmar companies want to cooperate with Vietnamese counterparts.
According to the statistics, Vietnam-Myanmar trade came to 228 million USD in 2012 and 300 million USD in 2013. However, Vietnam still lags behind many countries, including Singapore, China, Indonesia, Japan, the US, Thailand and the Republic of Korea in terms of goods exports to Myanmar.
As of the end of 2013, there were 45 Vietnamese businesses licensed to operate in Myanmar, while 19 others waiting to be licensed. Seven Vietnamese projects with a total registered capital of more than 600 million USD were licensed to invest in Myanmar. Of these, notable projects included the Hoang Anh Gia Lai hotel, trade centre and office and apartment building complex, Simco Song Da Corporation’s marble mining project and the PetroVietnam Exploration Production Corporation (PVEP)’s oil and gas exploration joint venture project.
Phuong said that Vietnamese businesses can export to Myanmar cattle, poultry and seafood disease prevention drugs and seafood, farm produce and forest product processing and preservation equipment and technology. They can strengthen investment cooperation with Myanmar partners in agricultural, forestry and fishery technology, farm development, health and education.
According to the newspaper, many Vietnamese businesses have said that Myanmar is a potential market and they will improve competitiveness through quality improvement.
Vietnam targets to increase its trade with Myanmar to 600 million USD in 2015 and its direct investment in the country to the 2 billion USD level.-VNA
You should also see
Vietnamese Deputy PM, Venezuelan President hold talks
Vietnamese Deputy Prime Minister Tran Luu Quang held talks with President of Venezuela Nicolás Maduro Moros in Caracas on April 18, as part of his ongoing official visit to the Latin American country.
See more
Videos
Foreign investment driven towards new breakthrough phase
Vietnam has so far drawn nearly 500 billion USD in registered FDI capital after nearly four decades of opening up its economy, with investment quality improvement considered a key task for a new breakthrough phase ahead.
Business
Quang Ninh attracts additional 115 million USD from Japan investors
The Quang Ninh Economic Zone Authority (QEZA) presented investment certificates to two Japanese projects worth 115 million USD in total at a conference held at Song Khoai Industrial Park (IP) on April 19.
Business
Central bank plans to auction gold bars on April 22
The State Bank of Vietnam (SBV) will auction SJC-branded gold bars on April 22, a representative of the central bank said on April 19.
Business
Hanoi to host Vietnam Medipharm Expo 2024
The 31st Vietnam International Medical and Pharmaceutical Exhibition (Vietnam Medipharm Expo 2024) is scheduled to take place in Hanoi from May 9 to 12, an official of the Ministry of Health (MoH) told a press conference on April 19.
Business
Japan's Takashimaya plans to expand investment in Vietnam
Takashimaya, a Japanese operator of upscale department stores, plans to open a shopping centre in Hanoi in 2026 that will be the company's first new location abroad in eight years, Japanese newspaper Nikkei reported.
