|Mytel, a joint venture between Vietnamese telecommunications Group Vietel and Myanmar, in Yangon.|
In 2009 the Hoang Anh Gia Lai Group came to Myanmar to build the Myanmar Plaza - a shopping center, offices, and hotels in Yangon. The BOT project will expire in 70 years, and last year it earned 50 million USD. The 2nd phase of the Myanmar Plaza will be completed in 2020.
Cao Duy Thinh, Director of Hoang Anh Gia Lai Myanmar, said “A big city with a growing demand for housing will always be attractive to real estate investors. Middle-class apartments are lucrative and good policies will draw more investors.”
Vietnamese businesses have advantages in IT and telecommunications. Mytel, a joint-venture between Viettel and Myanmar that officially opened in June, 2018, has signed up 4 million subscribers in 6 months. BIDV is one of 13 foreign banks operating in Myanmar. It is licensed to offer the same banking services as domestic banks. Vietnam Airlines began operating its first flights to Myanmar in 2010.
Nguyen Huy Duc, Head of Vietnam Airlines Branch in Myanmar said, “The Myanmar market is in its initial stage. It will develop quickly and become more competitive in the future.”
Some Vietnamese businesses which have been successful in Myanmar are Havico (which makes bedding items), Lioa (which produces voltage stabilizers), Kangaroo (household utensils), and Vinawind. Myanmar has adopted many reforms and issued incentive policies to attract foreign investors.