There
are many opportunities to invest in Myanmar, says Vietnamese counsellor in
Myanmar Tran Phuoc Anh.
Discussing with Tuoi Tre (Youth) newspaper on
Myanmar's policies to encourage foreign investment, the diplomat said Myanmar
government officials have pledged that Vietnamese businesses can receive
investment licence in two weeks instead of six months provided that they have
all necessary documents.
Anh also cited a recent announcement by the
President of the Investment Committee and Industry minister of Myanmar U Soe
Thane that foreign investors will be entitled to tax exemption for eight years
instead of the current regulation of five-year exemption and a 50 per cent
reduction in the next three years.
Foreign investors will also be allowed to
lease land for 50 years instead of the current period of 30 years and there
will be no cap on the level of investment capital.
With these new policies, Myanmar has become a
magnet to international investors with a number of conglomerates from the US,
Japan and the UK rushing to seek opportunities.
Vietnamese businesses will not be able to
seize the best investment opportunities if they are slow, he said.
According to ambassador Anh, Vietnamese
businesses can have good opportunities in agriculture, car assembling,
electronic product manufacturing, and aquaculture.
Vietnam and Myanmar have defined 12 priority
fields for their cooperation with oil and gas and agriculture seeing good
progress. At present, Vietnam is conducting a seismic exploration at M2 lot off
the coast of Myanmar and several Vietnamese businesses are planting new
varieties of rice on a trial basis in Myanmar.
Vietnam has so far had two investment projects
in Myanmar, including pharmaceutical manufacturing project of AFV Pharma
Company, the first foreign pharmaceutical project in Myanmar, and a real estate
project of Hoang Anh Gia Lai Group.
HCM City and Yangon are expected to sign a twinning
cooperation agreement in Yangon, Myanmar, in April.
VIR
Business & Investment Opportunities
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