Myanmar seen as lucrative market of Vietnamese goods

April 25, 2013 | 09:09

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The Vietnam-Laos-Cambodia Association for Economic Cooperation Development VILACEAD) and the Vietnam Young Business Association held a talk themed “Myanmar - the emerging market” in Hanoi on April 24.

Vietnam’s Ambassador to Myanmar Chu Cong Phung said the Myanmar Government is determined to open its doors to economic integration and foreign investment.

Some nations have already removed the embargoes and economic sanctions against Myanmar. Vietnamese goods are popular with Myanmar’s consumers thanks to prices, durability, and designs that match or exceed comparable Thai and Chinese goods.

Soe Thet Naung, a counsellor at Myanmar’s Embassy in Vietnam highlighted his country’s bright 2013 economic outlook, adding that investment opportunities will arise through incentive schemes and law reform.

Myanmar‘s 60 million-strong population currently enjoys an average annual economic growth rate of 7 percent and an average annual GDP growth rate of 6.5 percent.

According to the Ministry of Planning and Investment’s Foreign Investment Department, Vietnam licensed seven Myanmar-based investment projects last year, capitalised at around $460 million, ranking sixth among the 60 nations and territories operating in Myanmar.

The Vietnam-Myanmar Economic Joint Committee wants to push bilateral import-export turnover to $500 million and Vietnamese investment in Myanmar to $1 billion, both by 2015.

Ambassador Chu Cong Phung said Vietnam’s aviation, petroleum, and banking sectors are successfully taking advantage of Myanmar’s economic liberalisation. Myanmar is especially interested in cooperating with Vietnamese agriculture in the near future.

VOV

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