Economists said there was a golden chance for Vietnamese businesses toexport their products to Myanmar as its Government was makingnumerous offers to foreign traders and investors.
Just 20 percent of domestic demand in the 58 million-strong market hasbeen met by domestic production, leaving significant room for imports.
The Myanmar Government has recently promulgatednumerous policies to encourage foreign trade and investment, includingmandates for establishing wholly foreign-invested companies andstreamlining application procedures for business visas.
In two consecutive months, July and August, Vietnam sent twobusiness missions to Myanmar for market surveys. Another missionwith the participation of 30 companies is expected to leave for thepotential market in October. The coming mission aims to study thefeasibility of building a showroom and shopping centre for Vietnameseproducts in Yangon .
Many Vietnamese businessgiants have already shaken hands with Myanmar partners. The Ton HoaSen Group has signed a memorandum of understanding on investment inproducing corrugated iron, steel and construction materials worth 300million USD with the Myanmar Ministry of Industry 2.
A similar investment has been planned by the Hoang Anh-Gia Lai Groupfor a project to build a Vietnam-Myanmar trade and cultural complex inYangon.
The Vinashin Vung Tau has planned toinvest in a lobster farming project in Myanmar after success inraising cold water fish such as salmon and sturgeon.
Back from a market survey trip in August, Ngoc Linh from the Ho ChiMinh City Trade and Investment Promotion Centre guaranteed the Myanmarmarket is opening its door wide for Vietnamese enterprises,especially consumer goods, food processors and drug makers.
Statistics released by the Myanmar Customs Office showed that two-waytrade revenues increased 86.7 percent year on year to 56 million USD inthe first half of the year. Vietnam ’s exports rose by 53.5 percentto 16 million USD.
Vietnam is the 14 thlargest exporter to Myanmar . Its hard currency earners ranged frommaterials for the garment industry to assorted steels, medicines,medical equipment, vehicle tyres and inner tubes, and buildingmaterials.
Vietnamese products such as electriclamps, medicines and aluminium products have taken a firm foothold inthe Myanmar market. Dien Quang brand, for example, has become thesecond-best seller in electric lamps, earning some 1.5 million USD inmonthly export revenues.
Products from the Hau Giang Pharmaceutical Company have become popular in this market over the past three eyars.
Vietnam’s imports included timber, rubber latex, farm produce, raw seafood and copper.
A major problem facing Vietnamese businesses is fierce competitionwith low-priced made-in-china products, with prices between 20 and 25percent lower than those from Vietnam.
Linhhas advised businesses to facilitate trademark promotion campaigns alongwith expanding distribution networks in an effort to makemade-in-Vietnam products familiar to customers in Myanmar .
Ambassador Chu Cong Phung gave another piece of advice - thatVietnamese businesses should set up strong ties with Myanmar partners tohelp clear the way for Vietnamese exports into Myanmar./.
Just 20 percent of domestic demand in the 58 million-strong market hasbeen met by domestic production, leaving significant room for imports.
The Myanmar Government has recently promulgatednumerous policies to encourage foreign trade and investment, includingmandates for establishing wholly foreign-invested companies andstreamlining application procedures for business visas.
In two consecutive months, July and August, Vietnam sent twobusiness missions to Myanmar for market surveys. Another missionwith the participation of 30 companies is expected to leave for thepotential market in October. The coming mission aims to study thefeasibility of building a showroom and shopping centre for Vietnameseproducts in Yangon .
Many Vietnamese businessgiants have already shaken hands with Myanmar partners. The Ton HoaSen Group has signed a memorandum of understanding on investment inproducing corrugated iron, steel and construction materials worth 300million USD with the Myanmar Ministry of Industry 2.
A similar investment has been planned by the Hoang Anh-Gia Lai Groupfor a project to build a Vietnam-Myanmar trade and cultural complex inYangon.
The Vinashin Vung Tau has planned toinvest in a lobster farming project in Myanmar after success inraising cold water fish such as salmon and sturgeon.
Back from a market survey trip in August, Ngoc Linh from the Ho ChiMinh City Trade and Investment Promotion Centre guaranteed the Myanmarmarket is opening its door wide for Vietnamese enterprises,especially consumer goods, food processors and drug makers.
Statistics released by the Myanmar Customs Office showed that two-waytrade revenues increased 86.7 percent year on year to 56 million USD inthe first half of the year. Vietnam ’s exports rose by 53.5 percentto 16 million USD.
Vietnam is the 14 thlargest exporter to Myanmar . Its hard currency earners ranged frommaterials for the garment industry to assorted steels, medicines,medical equipment, vehicle tyres and inner tubes, and buildingmaterials.
Vietnamese products such as electriclamps, medicines and aluminium products have taken a firm foothold inthe Myanmar market. Dien Quang brand, for example, has become thesecond-best seller in electric lamps, earning some 1.5 million USD inmonthly export revenues.
Products from the Hau Giang Pharmaceutical Company have become popular in this market over the past three eyars.
Vietnam’s imports included timber, rubber latex, farm produce, raw seafood and copper.
A major problem facing Vietnamese businesses is fierce competitionwith low-priced made-in-china products, with prices between 20 and 25percent lower than those from Vietnam.
Linhhas advised businesses to facilitate trademark promotion campaigns alongwith expanding distribution networks in an effort to makemade-in-Vietnam products familiar to customers in Myanmar .
Ambassador Chu Cong Phung gave another piece of advice - thatVietnamese businesses should set up strong ties with Myanmar partners tohelp clear the way for Vietnamese exports into Myanmar./.
