Participants at the workshop (Source: Cong Thuong newspaper) HCM City (VNA) – Myanmaris a promising market for Vietnamesebusinesses, heard a workshop in Ho ChiMinh City on November 19.
Vo Thi Ngoc Diep, Vietnamese Commercial Counsellor in Myanmar,described the growing trade and investment ties as a spotlight in the bilateralrelations over the past time.
Accordingto the official, Vietnam isnow one of the 10 biggest trade partners of Myanmar. In 2018, two-way tradereached 860 million USD, of which Vietnam exported over 700 millionUSD worth of goods to the market.
Inthe first nine months of 2019, bilateral tradewas estimated at 708 million USD,a year-on-year rise of 8.5 percent. Vietnamexported over 530 million USD worth of products to Myanmar.
Diepsaid Myanmar is a potentialmarket for Vietnameseproducts and services such as iron and steel, electronics, motorbikes andbicycles, food and processed materials, household electrical appliances,construction, information technology, and telecommunications.
Vietnam is ranked seventh among 50 countriesand terriroties investing in Myanmarwith 25 projects worth over 2.16 billion USD.So far, more than 200 Vietnamesebusinesses have been operating in Myanmar under various forms.
Diepsaid Vietnamese enterpriseshave a lot of favourable conditions to make investment in Myanmar because of the country’sweak manufacturing industry, lack of consumerproducts, and no high technical barriers forimported goods.
Additionally,Vietnam and Myanmarhave many cultural similarities and both are members of the Association of SoutheastAsian Nations (ASEAN), she added.
Besidesadvantages, Diep also warned businesses of shortcomings in the market such aspoor infrastructure and slow clearance of goods customs.
Shesuggested Vietnamese firms thouroughlylearn about Myanmar’sinvestment policies to make inroads into the market./.
VNA
