(VOV) – Myanmar is a potential market for Vietnam’s enterprises, according to the seminar “Myanmar – newly emerging market” held by the Vietnam-Laos-Cambodia Economic Development Association in Hanoi on Wednesday.

Seminar "Myanmar-newly emerging market"                                (Source: VOV)

Myanmar is now considered a hot spot for FDI. According to Myanmar’s Investment Committee, FDI more than doubled from 16.5 billion USD in 2010 to 40 billion USD in the middle of 2012. Chu Cong Phung, who just ended a 4-year term as Vietnamese ambassador to Myanmar, said that the removal of US and EU economic sanctions on Myanmar will result in large investment flows from ASEAN, China, Russia, and the EU: "Myanmar is now an attractive market for Vietnamese businesses. Myanmar has a rapid renovation and open-door policy which has received much support from the world. Myanmar has a large market of more than 60 million people, rich natural resources and undeveloped industrial and agricultural potential, so the country is eager to receive foreign investment.  This is a good opportunity for Vietnamese enterprises to invest in Myanmar".

Soe Thet Naung, Myanmar’s Trade Councilor in Vietnam says Myanmar has adopted a law on investment and trade to attract more investment. Naung notes that at trade fairs displaying Vietnamese products, Myanmar consumers have shown an interest in made-in-Vietnam goods: "Among other incentives, Myanmar will exempt from taxes for all foreign companies doing business in our country. All companies investing in Myanmar will be treated equally. Vietnam exports to Myanmar garments and textile products, food, and beverages".

Vietnam is Myanmar’s fourth biggest trading partner in ASEAN. As of last April, Vietnam ranked 19^th of 132 countries and territories with direct investment in Myanmar, where Vietnam has invested more than 500 million USD.