Mutual trade with Myanmar up 58 percent

Two-way trade revenue between Vietnam and Myanmar increased by more than 58 percent year-on-year to US$73 million in the first eight months of the year, according to statistics from the Myanmar Customs Office.

Vietnam 's exports to Myanmar accounted for roughly $23 million, up 67.1 percent over the same period last year. Main export staples included steel, accessories used in garment and textile manufacturing, medicine and healthcare equipment, vehicle tyres, construction materials and fertiliser.

Meanwhile, the country spent roughly $50 million on mainly timber, rubber latex, agricultural products and raw seafood.

Vietnam is currently the 14th largest exporter to Myanmar . However, the Vietnamese ambassador to Myanmar Chu Cong Phung said there was a golden opportunity for domestic enterprises to increase their market share given the offers and favourable conditions the Myanmar Government has made for foreign traders and investors.

The Myanmar Government has recently promulgated numerous policies to encourage foreign trade and investment, including mandates for establishing wholly foreign-invested companies and streamlining application procedures for business visas.

Phung said that as just 20 percent of domestic demand of the 58 million-strong market was met by domestic production, Myanmar left significant room for imports.

Vietnamese products such as electric lamps, medicines and aluminium products have so far taken a firm foothold in the Myanmar market. Dien Quang brand, for example, has become the second-best seller of electric lamps, earning up to $1.5 million in monthly export revenue.

Though the price of Vietnamese goods in Myanmar may be higher than that of Chinese because Vietnamese businesses have to pay more shipping costs, Phung said that this could be dealt with, given the success of two consecutive trade fairs held by Vietnam in Myanmar.

Related Articles

• VN, Palestine increase trade cooperation
• Cashew traders yet to embrace trading center system
• Shares stall on inflation data
• Mexico-Vietnam Business Committee holds first session
• PM foresees bright future for co-operation with Africa

Mutual trade with Myanmar up 58 percent

Two-way trade revenue between Vietnam and Myanmar increased by
more than 58 percent year-on-year to 73 million USD in the first eight
months of the year, according to statistics from the Myanmar Customs
Office.

Vietnam 's exports to Myanmar accounted for
roughly 23 million USD, up 67.1 percent over the same period last year.
Main export staples included steel, accessories used in garment and
textile manufacturing, medicine and healthcare equipment, vehicle tyres,
construction materials and fertiliser.

Meanwhile, the country spent roughly 50 million USD on mainly timber, rubber latex, agricultural products and raw seafood.

Vietnam is currently the 14th largest exporter to Myanmar .
However, the Vietnamese ambassador to Myanmar Chu Cong Phung said there
was a golden opportunity for domestic enterprises to increase their
market share given the offers and favourable conditions the Myanmar
Government has made for foreign traders and investors.

The
Myanmar Government has recently promulgated numerous policies to
encourage foreign trade and investment, including mandates for
establishing wholly foreign-invested companies and streamlining
application procedures for business visas.

Phung said that
as just 20 percent of domestic demand of the 58 million-strong market
was met by domestic production, Myanmar left significant room for
imports.

Vietnamese products such as electric lamps,
medicines and aluminium products have so far taken a firm foothold in
the Myanmar market. Dien Quang brand, for example, has become the
second-best seller of electric lamps, earning up to 1.5 million USD in
monthly export revenue.

Though the price of Vietnamese
goods in Myanmar may be higher than that of Chinese because Vietnamese
businesses have to pay more shipping costs, Phung said that this could
be dealt with, given the success of two consecutive trade fairs held by
Vietnam in Myanmar./.

Related Articles

• Cashew traders yet to embrace trading center system
• PM foresees bright future for co-operation with Africa
• Party leader meets AIPA head delegates
• Government urged to raise bar on FDI project selection
• Prime Minister meets with Palestinian minister

Mutual trade with Myanmar up 58%

HA NOI — Two-way trade revenue between Viet Nam and Myanmar increased by more than 58 per cent year-on-year to US$73 million in the first eight months of the year, according to statistics from the Myanmar Customs Office.

Viet Nam's exports to Myanmar accounted for roughly $23 million, up 67.1 per cent over the same period last year. Main export staples included steel, accessories used in garment and textile manufacturing, medicine and healthcare equipment, vehicle tyres, construction materials and fertiliser.

Meanwhile, the country spent roughly $50 million on mainly timber, rubber latex, agricultural products and raw seafood.

Viet Nam is currently the 14th largest exporter to Myanmar. However, the Vietnamese ambassador to Myanmar Chu Cong Phung said there was a golden opportunity for domestic enterprises to increase their market share given the offers and favourable conditions the Myanmar Government has made for foreign traders and investors.

The Myanmar Government has recently promulgated numerous policies to encourage foreign trade and investment, including mandates for establishing wholly foreign-invested companies and streamlining application procedures for business visas.

Phung said that as just 20 per cent of domestic demand of the 58 million-strong market was met by domestic production, Myanmar left significant room for imports.

Vietnamese products such as electric lamps, medicines and aluminium products have so far taken a firm foothold in the Myanmar market. Dien Quang brand, for example, has become the second-best seller of electric lamps, earning up to $1.5 million in monthly export revenue.

Though the price of Vietnamese goods in Myanmar may be higher than that of Chinese because Vietnamese businesses have to pay more shipping costs, Phung said that this could be dealt with, given the success of two consecutive trade fairs held by Viet Nam in Myanmar. — VNS

Related Articles

• Mutual trade with Myanmar up 58 percent
• Cashew traders yet to embrace trading center system
• PM foresees bright future for co-operation with Africa
• Volumes up on uncertain start
• Party leader meets AIPA head delegates

EU sees wider S.E. Asia trade talks

DANANG - The European Union expects to conclude a free trade deal with Singapore by the end of next year and is likely to begin talks with other Southeast Asian nations soon, a top official said on Friday.

The EU's trade commissioner, Karel De Gucht, also said Europe still hopes to ultimately reach a region-wide deal with the Association of Southeast Asian Nations (ASEAN).

He said a regional pact has not been possible partly because of military-ruled Myanmar, which is under European sanctions.

Another hindrance was the differing levels of economic development within the 10-member ASEAN, he told reporters after talks with Southeast Asian economic ministers.

Attempts to reach a pact with all of the ASEAN members except Myanmar, Cambodia and Laos were suspended last year, after which the EU began looking at bilateral pacts.

De Gucht said two rounds of talks have been held with Singapore -- the region's most developed economy -- and a third is to take place next month.

"Negotiations with Singapore are going well," he said. "We expect these negotiations being closed and having come to a positive end before the end of next year."

He added that formal free trade talks with Vietnam are likely to begin before the end of this year, followed by other countries "in the coming months."

De Gucht declined to name the other nations but he told AFP that each of the seven that participated in the earlier suspended talks "have expressed in one way or another interest".

ASEAN itself is working towards a single market and manufacturing base by 2015.

De Gucht said that once such an integrated market is achieved it would make sense for the region's bilateral trade pacts to be consolidated into a region-wide deal.

Asked whether such a deal could, however, be reached unless the human rights situation in Myanmar improves, he told AFP: "It's obvious that we are not ready, the European Union is not ready, to negotiate with Myanmar but who knows what the political situation will be in Myanmar in five years or in seven years."

The EU is the bloc's largest foreign investor, and second-largest trade partner, with two-way trade worth almost US$172 billion dollars last year.

Related Articles

• Cashew traders yet to embrace trading center system
• PM foresees bright future for co-operation with Africa
• The chè lady
• Vietnam seen becoming full negotiator for TPP
• ASEAN's socio-cultural issues promoted at Da Nang meeting

EU sees wider S.E. Asia trade talks

DANANG - The European Union expects to conclude a free trade deal with Singapore by the end of next year and is likely to begin talks with other Southeast Asian nations soon, a top official said on Friday.

The EU's trade commissioner, Karel De Gucht, also said Europe still hopes to ultimately reach a region-wide deal with the Association of Southeast Asian Nations (ASEAN).

He said a regional pact has not been possible partly because of military-ruled Myanmar, which is under European sanctions.

Another hindrance was the differing levels of economic development within the 10-member ASEAN, he told reporters after talks with Southeast Asian economic ministers.

Attempts to reach a pact with all of the ASEAN members except Myanmar, Cambodia and Laos were suspended last year, after which the EU began looking at bilateral pacts.

De Gucht said two rounds of talks have been held with Singapore -- the region's most developed economy -- and a third is to take place next month.

"Negotiations with Singapore are going well," he said. "We expect these negotiations being closed and having come to a positive end before the end of next year."

He added that formal free trade talks with Vietnam are likely to begin before the end of this year, followed by other countries "in the coming months."

De Gucht declined to name the other nations but he told AFP that each of the seven that participated in the earlier suspended talks "have expressed in one way or another interest".

ASEAN itself is working towards a single market and manufacturing base by 2015.

De Gucht said that once such an integrated market is achieved it would make sense for the region's bilateral trade pacts to be consolidated into a region-wide deal.

Asked whether such a deal could, however, be reached unless the human rights situation in Myanmar improves, he told AFP: "It's obvious that we are not ready, the European Union is not ready, to negotiate with Myanmar but who knows what the political situation will be in Myanmar in five years or in seven years."

The EU is the bloc's largest foreign investor, and second-largest trade partner, with two-way trade worth almost US$172 billion dollars last year.

Related Articles

• Cashew traders yet to embrace trading center system
• PM foresees bright future for co-operation with Africa
• The chè lady
• Vietnam seen becoming full negotiator for TPP
• ASEAN's socio-cultural issues promoted at Da Nang meeting

EU sees wider S.E. Asia trade talks

A boat sails along the Singapore river with the skyline of the financial district of Raffles Place in the background.

Photo: AFP

DANANG, Vietnam – The European Union expects to conclude a free trade deal with Singapore by the end of next year and is likely to begin talks with other Southeast Asian nations soon, a top official said on Friday.

The EU's trade commissioner, Karel De Gucht, also said Europe still hopes to ultimately reach a region-wide deal with the Association of Southeast Asian Nations (ASEAN).

He said a regional pact has not been possible partly because of military-ruled Myanmar, which is under European sanctions.

Another hindrance was the differing levels of economic development within the 10-member ASEAN, he told reporters after talks with Southeast Asian economic ministers.

Attempts to reach a pact with all of the ASEAN members except Myanmar, Cambodia and Laos were suspended last year, after which the EU began looking at bilateral pacts.

De Gucht said two rounds of talks have been held with Singapore -- the region's most developed economy -- and a third is to take place next month.

"Negotiations with Singapore are going well," he said. "We expect these negotiations being closed and having come to a positive end before the end of next year."

He added that formal free trade talks with Vietnam are likely to begin before the end of this year, followed by other countries "in the coming months."

De Gucht declined to name the other nations but he told AFP that each of the seven that participated in the earlier suspended talks "have expressed in one way or another interest".

ASEAN itself is working towards a single market and manufacturing base by 2015.

De Gucht said that once such an integrated market is achieved it would make sense for the region's bilateral trade pacts to be consolidated into a region-wide deal.

Asked whether such a deal could, however, be reached unless the human rights situation in Myanmar improves, he told AFP: "It's obvious that we are not ready, the European Union is not ready, to negotiate with Myanmar but who knows what the political situation will be in Myanmar in five years or in seven years."

The EU is the bloc's largest foreign investor, and second-largest trade partner, with two-way trade worth almost 172 billion dollars last year.

Related Articles

• EU sees wider S.E. Asia trade talks
• Cashew traders yet to embrace trading center system
• PM foresees bright future for co-operation with Africa
• The chè lady
• CLMV economic ministers meet for increased ties

Exporters rush to opportunities in Myanmar

Economists said there was a golden chance for Vietnamese businesses to export their products to Myanmar as its Government was making numerous offers to foreign traders and investors.

Just 20 percent of domestic demand in the 58 million-strong market has been met by domestic production, leaving significant room for imports.

The Myanmar Government has recently promulgated numerous policies to encourage foreign trade and investment, including mandates for establishing wholly foreign-invested companies and streamlining application procedures for business visas.

In two consecutive months, July and August, Vietnam sent two business missions to Myanmar for market surveys. Another mission with the participation of 30 companies is expected to leave for the potential market in October. The coming mission aims to study the feasibility of building a showroom and shopping centre for Vietnamese products in Yangon .

Many Vietnamese business giants have already shaken hands with Myanmar partners. The Ton Hoa Sen Group has signed a memorandum of understanding on investment in producing corrugated iron, steel and construction materials worth US$300 million with the Myanmar Ministry of Industry 2.

A similar investment has been planned by the Hoang Anh-Gia Lai Group for a project to build a Vietnam-Myanmar trade and cultural complex in Yangon.

The Vinashin Vung Tau has planned to invest in a lobster farming project in Myanmar after success in raising cold water fish such as salmon and sturgeon.

Back from a market survey trip in August, Ngoc Linh from the Ho Chi Minh City Trade and Investment Promotion Centre guaranteed the Myanmar market is opening its door wide for Vietnamese enterprises, especially consumer goods, food processors and drug makers.

Statistics released by the Myanmar Customs Office showed that two-way trade revenues increased 86.7 percent year on year to $56 million in the first half of the year. Vietnam ’s exports rose by 53.5 percent to $16 million.

Vietnam is the 14 th largest exporter to Myanmar . Its hard currency earners ranged from materials for the garment industry to assorted steels, medicines, medical equipment, vehicle tyres and inner tubes, and building materials.

Vietnamese products such as electric lamps, medicines and aluminium products have taken a firm foothold in the Myanmar market. Dien Quang brand, for example, has become the second-best seller in electric lamps, earning some $1.5 million in monthly export revenues.

Products from the Hau Giang Pharmaceutical Company have become popular in this market over the past three eyars.

Vietnam’s imports included timber, rubber latex, farm produce, raw seafood and copper.

A major problem facing Vietnamese businesses is fierce competition with low-priced made-in-china products, with prices between 20 and 25 percent lower than those from Vietnam.

Linh has advised businesses to facilitate trademark promotion campaigns along with expanding distribution networks in an effort to make made-in-Vietnam products familiar to customers in Myanmar .

Ambassador Chu Cong Phung gave another piece of advice - that Vietnamese businesses should set up strong ties with Myanmar partners to help clear the way for Vietnamese exports into Myanmar.

Related Articles

• Timber-product exporters sign $3b deals
• High rice price cuts exports
• Vietnam’s seafood sector eyes UAE market
• IFC: Vietnam needs to increase PPP to support economy
• Hanoi T&T win first V-League after scoreless draw

Exporters rush to opportunities in Myanmar

Economists said there was a golden chance for Vietnamese businesses to export their products to Myanmar as its Government was making numerous offers to foreign traders and investors.

Just 20 percent of domestic demand in the 58 million-strong market has been met by domestic production, leaving significant room for imports.

The Myanmar Government has recently promulgated numerous policies to encourage foreign trade and investment, including mandates for establishing wholly foreign-invested companies and streamlining application procedures for business visas.

In two consecutive months, July and August, Vietnam sent two business missions to Myanmar for market surveys. Another mission with the participation of 30 companies is expected to leave for the potential market in October. The coming mission aims to study the feasibility of building a showroom and shopping centre for Vietnamese products in Yangon .

Many Vietnamese business giants have already shaken hands with Myanmar partners. The Ton Hoa Sen Group has signed a memorandum of understanding on investment in producing corrugated iron, steel and construction materials worth US$300 million with the Myanmar Ministry of Industry 2.

A similar investment has been planned by the Hoang Anh-Gia Lai Group for a project to build a Vietnam-Myanmar trade and cultural complex in Yangon.

The Vinashin Vung Tau has planned to invest in a lobster farming project in Myanmar after success in raising cold water fish such as salmon and sturgeon.

Back from a market survey trip in August, Ngoc Linh from the Ho Chi Minh City Trade and Investment Promotion Centre guaranteed the Myanmar market is opening its door wide for Vietnamese enterprises, especially consumer goods, food processors and drug makers.

Statistics released by the Myanmar Customs Office showed that two-way trade revenues increased 86.7 percent year on year to $56 million in the first half of the year. Vietnam ’s exports rose by 53.5 percent to $16 million.

Vietnam is the 14 th largest exporter to Myanmar . Its hard currency earners ranged from materials for the garment industry to assorted steels, medicines, medical equipment, vehicle tyres and inner tubes, and building materials.

Vietnamese products such as electric lamps, medicines and aluminium products have taken a firm foothold in the Myanmar market. Dien Quang brand, for example, has become the second-best seller in electric lamps, earning some $1.5 million in monthly export revenues.

Products from the Hau Giang Pharmaceutical Company have become popular in this market over the past three eyars.

Vietnam’s imports included timber, rubber latex, farm produce, raw seafood and copper.

A major problem facing Vietnamese businesses is fierce competition with low-priced made-in-china products, with prices between 20 and 25 percent lower than those from Vietnam.

Linh has advised businesses to facilitate trademark promotion campaigns along with expanding distribution networks in an effort to make made-in-Vietnam products familiar to customers in Myanmar .

Ambassador Chu Cong Phung gave another piece of advice - that Vietnamese businesses should set up strong ties with Myanmar partners to help clear the way for Vietnamese exports into Myanmar.

Related Articles

• Timber-product exporters sign $3b deals
• High rice price cuts exports
• Vietnam’s seafood sector eyes UAE market
• IFC: Vietnam needs to increase PPP to support economy
• Hanoi T&T win first V-League after scoreless draw

Exporters rush to opportunities in Myanmar

Economists said there was a golden chance for Vietnamese businesses to
export their products to Myanmar as its Government was making
numerous offers to foreign traders and investors.

Just 20 percent of domestic demand in the 58 million-strong market has
been met by domestic production, leaving significant room for imports.

The Myanmar Government has recently promulgated
numerous policies to encourage foreign trade and investment, including
mandates for establishing wholly foreign-invested companies and
streamlining application procedures for business visas.

In two consecutive months, July and August, Vietnam sent two
business missions to Myanmar for market surveys. Another mission
with the participation of 30 companies is expected to leave for the
potential market in October. The coming mission aims to study the
feasibility of building a showroom and shopping centre for Vietnamese
products in Yangon .

Many Vietnamese business
giants have already shaken hands with Myanmar partners. The Ton Hoa
Sen Group has signed a memorandum of understanding on investment in
producing corrugated iron, steel and construction materials worth 300
million USD with the Myanmar Ministry of Industry 2.

A similar investment has been planned by the Hoang Anh-Gia Lai Group
for a project to build a Vietnam-Myanmar trade and cultural complex in
Yangon.

The Vinashin Vung Tau has planned to
invest in a lobster farming project in Myanmar after success in
raising cold water fish such as salmon and sturgeon.

Back from a market survey trip in August, Ngoc Linh from the Ho Chi
Minh City Trade and Investment Promotion Centre guaranteed the Myanmar
market is opening its door wide for Vietnamese enterprises,
especially consumer goods, food processors and drug makers.

Statistics released by the Myanmar Customs Office showed that two-way
trade revenues increased 86.7 percent year on year to 56 million USD in
the first half of the year. Vietnam ’s exports rose by 53.5 percent
to 16 million USD.

Vietnam is the 14 th
largest exporter to Myanmar . Its hard currency earners ranged from
materials for the garment industry to assorted steels, medicines,
medical equipment, vehicle tyres and inner tubes, and building
materials.

Vietnamese products such as electric
lamps, medicines and aluminium products have taken a firm foothold in
the Myanmar market. Dien Quang brand, for example, has become the
second-best seller in electric lamps, earning some 1.5 million USD in
monthly export revenues.

Products from the Hau Giang Pharmaceutical Company have become popular in this market over the past three eyars.

Vietnam’s imports included timber, rubber latex, farm produce, raw seafood and copper.

A major problem facing Vietnamese businesses is fierce competition
with low-priced made-in-china products, with prices between 20 and 25
percent lower than those from Vietnam.

Linh
has advised businesses to facilitate trademark promotion campaigns along
with expanding distribution networks in an effort to make
made-in-Vietnam products familiar to customers in Myanmar .

Ambassador Chu Cong Phung gave another piece of advice - that
Vietnamese businesses should set up strong ties with Myanmar partners to
help clear the way for Vietnamese exports into Myanmar./.

Related Articles

• Timber-product exporters sign $3b deals
• High rice price cuts exports
• IFC: Vietnam needs to increase PPP to support economy
• State leader wants stronger investment ties with Laos
• Intel to fund high-tech computer lab at RMIT