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Mutual trade with Myanmar up 58%
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.
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