Vietnamese goods of different kinds are now on sale in many markets and supermarkets in Myanmar.
Vietnamese Trade Counselor to Myanmar Tran Phuoc Anh said that local consumers are looking for Vietnamese products which are better in quality and cheaper in price than those imported from China and Thailand.
With a total population of around 60 million, Myanmar imports a huge volume of goods (about 70 percent) for domestic consumption, and this is a good chance for Vietnamese exporters to save transport costs, he said.
Many Vietnamese businesses have already set up their representative offices and opened a number of retail shops in Myanmar, Anh added.
The national flag carrier Vietnam Airlines has increased the number of its flights from HCM City and Hanoi to Yangon to meet the growing demand of Vietnamese passengers to Myanmar. However, he suggested, Vietnamese businesses should carefully study market trends in Myanmar to develop suitable strategies.
According to Anh, last year Myanmar exported over 1.2 million tonnes of rice in 2012, and is expected to ship 5 million tonnes abroad by 2020. This will open up a good opportunity for Vietnamese businesses to export fertilizers and strains to Myanmar’s rice growers.
He also proposed that Vietnamese investors focus on other potential areas such as tourism, food processing, consumer goods, and construction materials production.