While both Vietnam and Myanmar are both near the same global region, it is often dominated economically by nearby superpower China. For Vietnam to build their economic power, they must improve trade relations with Myanmar. There was recently an expo for Vietnam businesses in Yangon City. He purpose was for these businesses to find ways to increase trade with Myanmar.
The issues with trade in the region go beyond logistics and transportation. It is about economy. Vietnam has many problems when trying to send shipments to Myanmar. They face stiff competition with local businesses in Myanmar and other trading nations in Asia. Specifically, China is the big threat since it shares a border with both nations.
In the past few months, exports to Myanmar from Vietnam have increased tremendously. The commodity that is getting much of the attention includes construction equipment. Many companies in Vietnam are receiving great heavy machinery shipping rates to send their equipment to Myanmar. In the future, it has been recommended that Vietnam continue to focus on trading these machines to Myanmar.
Looking ahead in the future, Vietnam might want to export more products and even more services, including information technology, to Myanmar. Some experts say that the only thing Vietnamese businesses should focus on are investments into the growing productivity in Myanmar. Still, it is important for companies that build heavy machinery to get a leg up on the competition. A trusted freight forwarder with experience in machinery shipping is something that these businesses should consider.