Many opportunities for Vietnamese businesses in Myanmar As of December 2015, among the 30 largest foreign investors in Myanmar, Vietnam ranked 9th [...]
As of December 2015, among the 30 largest foreign investors in Myanmar, Vietnam ranked 9th in terms of investment size. fourth.
According to the Ho Chi Minh City Investment and Trade Promotion Center (ITPC), through 4 consecutive years (2011-2015) at the Vietnam-Myanmar Trade-Service-Tourism Exhibition (Ho Chi Minh City Expo), Myanmar is a market with a lot of potential for Vietnamese export enterprises.
With the role of guiding businesses in the process of penetrating the Myanmar market, in the past 5 years the Ministry of Industry and Trade and ITPC have organized many trade promotion programs.
Ho Chi Minh City Expo 2016 organized by ITPC in Yangon, Myanmar (from April 1-4) and market survey programs in Yangon and Mandalay (from March 31 to April 5) will be opportunities for Vietnamese businesses to learn about the Myanmar market before entering.
Some businesses have achieved good growth in the Myanmar market.
Dien Quang Lamp Joint Stock Company entered the Myanmar market since 1999, and is an enterprise with a growth rate in the Myanmar market of about 10-15%/year. Electric Wire and Cable Company (Cadivi) has had customers importing stable products since 2013. Bibica Joint Stock Company has entered the Myanmar market since 2010. FPT Group has become the first foreign enterprise to be licensed by the Ministry of Communications and Information Technology of Myanmar to deploy infrastructure and provide telecommunications services...
According to these businesses, when investing in the Myanmar market, in addition to understanding tax and customs policies, businesses need to understand the culture and customs of the society and people here to be able to take advantage of opportunities and do business effectively.
For example, Myanmar people prioritize shopping for items used in family life. They often pay attention to the price first, and are less proactive in approaching the product if they are not introduced or invited.
When someone chooses to buy a product they like, the level of product information spreads very quickly. Products with promotions or sweepstakes will be of more interest to Myanmar consumers.
Currently, Myanmar people have special affection for Vietnamese goods.
Myanmar businessmen are friendly and often approach partners through industry introductions or from State-related organizations. They trust businesses that have participated in events in Myanmar.
When exporting to this market, businesses need to pay attention to clearly stating product information and selling prices in Myanmar or English so that buyers can easily identify them.
In particular, because in Myanmar there is only a representative office of the Bank for Investment and Development of Vietnam (BIDV), payment mainly through third-country banks and banks in Singapore is being given priority by Vietnamese enterprises./.
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