Economists have suggested Vietnamese businesses target trade with the markets of Indonesia and Myanmar in order to benefit from the soaring customer demand and rapid growth of the retail sector in these countries.

Vietnamese businesses need to compose suitable strategies to effectively exploit the two potential markets, the economists said at a seminar held in Ho Chi Minh City on September 17.

They stated that when an ASEAN Community is formed in 2015, Vietnam will fully implement many regional free trade agreements, offering both opportunities and challenges for its businesses.

The current state of market access and development to Vietnamese products in these markets drew the most criticism from the experts, who proposed the establishment of more distributors and communication agencies to raise public awareness about new products.

Truong Cung Nghia, Managing Director of Truong Doan Company, described Indonesia as one of the most attractive markets of the ASEAN Community due to its large population, rapid urbanisation and huge levels of consumption.

Participants at the seminar claimed that Vietnamese businesses have favourable conditions for operating in the two markets, which prioritise high-quality products with clear origins.

They added that both Indonesia and Myanmar have rolled out a range of incentives for the private sector as they are on a path towards market-orientated economies.

Le Duc Duy, Sales Manager of Vinamit JSC, mentioned Myanmar’s strengths in agriculture and education as decisive factors allowing Vietnamese businesses to achieve there.

Meanwhile, Vo Tan Thanh, Director of the Vietnam Chamber of Commerce and Industry (VCCI)’s Ho Chi Minh City branch suggested Vietnamese businesses improve the country’s image in Myanmar by introducing quality products to the market and concentrating on packaging, design and publicity work.-VNA