Vietnamese businesses currently have four projects that have obtained an investment license in Myanmar, with the total registered capital estimated at US$600 million, the Association of Vietnamese Investors in Myanmar (AVIM) announced at a conference in Hanoi on Monday.

Twenty three local businesses have also been licensed to open representative offices and establish subsidiaries there, AVIM said at the conference on investment chance and potential to the newly opened country.

The most remarkable Myanmar project of a local business is that of Hoang Anh Gia Lai.

The realty developer last month broke ground on its $440 million office building complex in Yangon.

There are 18 other projects pending investment license in Myanmar. If approved, these will add another $600 million to the total Vietnamese investment in the country, according to AVIM.

The projects are from a great variety of sectors such as banking, agriculture, consumer products, garment, and construction materials.

At a similar conference held in Ho Chi Minh City on Tuesday, a representative of the Myanmar Investment Commission said Vietnamese goods are enjoying good consumption in Myanmar.

Vietnamese products are of good quality, suitable designs to local consumers, and especially, have reasonable prices, according to AVIM.

The association said there is still room for Vietnamese manufacturers to grow in Myanmar.

“The only shortcoming is that the [Vietnamese] businesses have yet to establish a distribution network in the country,” it added.