Van Duc Muoi, general director of Vissan, said: “The market is very new and attractive like a beautiful single girl with everyone wanting to win her heart.”

Opportunities are opening up, but competition is very fierce because financially-capable investors have penetrated the market long before Vietnamese entrepreneurs arrived, said Muoi at the seminar on doing business in Myanmar.

However, there are still many opportunities for Vietnamese investors. When doing trade and investment promotions in Myamar, Vietnamese businessmen find local consumers really fond of goods made by Vietnam.

They really want Vietnam to bring more and more goods there, replacing poor-quality and unsafe products supplied by other countries, said Muoi as a speaker at the seminar.

He and other speakers said those who want to invest in Myanmar should achieve success at home before thinking of expanding investment into the foreign country. In addition, they need to know their strengths and weaknesses so that they can join hands with others for mutual benefits and development.

Nguyen Quoc Khanh, chairman of AA Corporation, said his greatest worry when making interior decoration items in Myanmar is that workers are insufficient and incompetent, yet labor cost in Myanmar is higher than in Vietnam. Each Vietnamese worker is paid VND3.2-3.8 million per month, while the average monthly wage for workers in Myanmar is VND4-4.2 million, he said.

Can Van Luc, senior advisor to the chairman of BIDV, said Vietnamese entrepreneurs should carefully select partners for doing business in Myanmar. Before making any investment, they should go through all the necessary legal procedures in both Vietnam and Myanmar so that their interests will be protected by the State and laws.

If Vietnamese entrepreneurs want to do business in Myanmar in earnest, they should establish representative offices there, Can suggested.

He also remarked that Myanmar businessmen strictly comply with the provisions of a contract, so Vietnamese entrepreneurs should carefully check the terms before signing, and correctly observe them.

By Uyen Vien - The Saigon Times Daily - April 16,2013