So far this year Vietnamese businesses have been licensed to invest US$460 million in seven projects in Myanmar.
The information was released at a HCM City seminar on May 3 introducing business opportunities in Myanmar and the 2013 Vietnam-Myanmar Trade Service and Tourism Fair (HCM City Expo 2013).
The Ministry of Planning and Investment’s Foreign Investment Agency currently ranks Myanmar sixth among the 60 countries and territories in which Vietnamese investors are operating.
Last year, two-way trade turnover between Vietnam and Myanmar exceeded US$227 million, with more than US$117 million contributed by Vietnamese exports.
The two countries aim to raise bilateral trade turnover to US$500 million and Vietnamese investment in Myanmar to US$1 billion by 2015.
Dam Trung Bac, Honorary Consul General of Myanmar in HCM City, suggested Vietnamese businesses take advantage of the many incentive policies his country is currently offering foreign businesses.
He advised them to undertake comprehensive market research to grasp the full extent of these preferential opportunities.
Many Vietnamese firms have enjoyed initial success in Myanmar’s market, particularly in the fields of information technology, wood processing, agriculture, mineral exploration, and real estate.