At the dawn of the ASEAN Economic Integration by end of 2015 this is a unique time to consider the business opportunities offered by Vietnam’s neighbours - the dynamic
At the dawn of the ASEAN Economic Integration by end of 2015 this is a unique time to consider the business opportunities offered by Vietnam’s neighbours – the dynamic economies of Cambodia, Laos and Myanmar.
Recent developments in these three countries show that there are many untapped business potentials for companies in hydropower, tourism, garment & textiles, agriculture & food processing and green technologies.
Natural resource development in Lao PDR has helped the country achieve consistently high economic growth rates throughout the last decade. Real GDP growth will average 7.6% a year in 2015-16, supported by rising exports of tourism services and recent developments in agriculture, hydropower and mining. Construction is booming and the garment industry is expected to see an export growth as the previous years.
Cambodia continues to enjoy robust growth as well according to a report of the World Bank. Real growth in 2014 is estimated to have reached 7%. The garment sector, together with construction and services, in particular finance and real estate, continues to propel growth.
Myanmar is currently in a triple transition – from an authoritarian military system to democratic governance, from a centrally directed economy to a market-oriented economy, and from 60 years of conflict to peace in its border areas. These transitions have the potential to create opportunity and for the country to resume its place as one of the most dynamic economies in Asia. Since 2011, the government has embarked on an ambitious economic, political and governance reform program.
Myanmar’s economy is estimated to have grown by 8.3% in FY2013/14, driven mainly by construction, manufacturing, and services. The economy is projected to expand further by 8.5% in FY2014/15, led by gas production and investment.
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