Myanmar Monthly Business Brief, September 2026

Economy

President Urges Agro-Based Industrialization to Drive Economic Growth

Shifting from traditional farming to integrated, value-added agro-industries is key to boosting rural incomes, cutting food costs, and driving national productivity. President of the Republic of the Union of Myanmar U Min Aung Hlaing attended and delivered a comprehensive keynote address at the opening ceremony of the national-level workshop titled “From Agricultural Development to National Productivity Growth”, held at the Myanmar International Convention Centre I (MICC I) in Nay Pyi Taw on 21 September.

In his keynote speech, the President highlighted that approximately 70 per cent of the country’s population resides in rural areas, with over 50 per cent of the national workforce engaged directly in agriculture, livestock breeding, and forestry sectors. With around 30 per cent of the population currently assessed to be living in poverty, improving rural household incomes remains an urgent national priority.

He stressed that transitioning from traditional, subsistence farming to systematic, modernized production methods that yield high-value agro-products is the most effective vehicle for raising family incomes and uplifting rural livelihoods.

Explaining the conceptual foundation of the workshop’s theme, the President noted that the objective is not confined to developing the primary agricultural sector in isolation. Rather, it represents a strategic policy blueprint designed to construct an unbroken value chain extending from agricultural harvests to raw inputs, intermediate processing, finished industrial commodities, domestic distribution, and international export markets.

To develop rural economies, the President advocated for the “One Region- One Product” (OROP) initiative, alongside zero-waste agro-processing across sectors such as cotton, bamboo, and sugarcane. Cotton should be processed locally into yarn and apparel rather than exported as raw fibre; bamboo should be manufactured into consumer items, charcoal, and furniture; and sugarcane waste and molasses should be transformed into organic fertilizers and distillates. Integrating apiculture with sunflower and sesame farming would likewise boost pollination and generate extra farm income.

To finance modern agricultural transformation, the President urged commercial banks to design tailored credit instruments matched to agricultural production and revenue cycles. Emphasizing effective implementation, he concluded by urging delegates from both the public and private sectors to formulate actionable, time-bound strategies through Public-Private Partnerships (PPP) rather than remaining confined to theoretical papers.

Myanmar, Viet Nam Seek to Expand Trade and Investment Cooperation

The Myanmar-Viet Nam Business Forum was held in Hanoi on 7 September, aiming to promote trade and investment between the two countries, with President of the Republic of the Union of Myanmar U Min Aung Hlaing calling for greater bilateral economic cooperation and increased Vietnamese investment in Myanmar.

The forum, held at the Melia Hotel, was attended by President U Min Aung Hlaing and members of the high-level Myanmar delegation, Vietnamese Deputy Prime Minister Mr Nguyen Van Thang, Deputy Minister of Finance Mr Nguyen Duc Chi, government officials and business representatives from both countries. Around 600 businesspeople attended the forum, while more than 20 exhibition booths showcased products from Myanmar and Viet Nam.

The Vietnamese deputy prime minister Mr Nguyen Van Thang proposed several areas for further cooperation: strengthening business connectivity and mutual support, sharing experience to promote secure and sustainable economic growth, jointly addressing difficulties faced by businesses, encouraging companies from both countries to become reliable long-term partners, and increasing Vietnamese investment in sectors where Myanmar has economic needs.

In his remarks, President U Min Aung Hlaing said the forum was being held during his visit to Viet Nam with the objective of further strengthening the longstanding friendship and cooperation between the two countries. Viet Nam is an important trading partner of Myanmar, mainly exporting agricultural, marine and food products while importing fertilizers, plastic products, vehicles and spare parts, and steel products.

Looking ahead, Myanmar is seeking to expand cooperation with Vietnam in telecommunications, technology, manufacturing, agriculture, energy, tourism and human resources development. President U Min Aung Hlaing also invited Vietnamese business leaders to invest in value-added production, including agricultural inputs, processed food and seafood products, enabling the two countries to participate jointly in global food value chains.

He further invited Vietnamese companies to cooperate in digital infrastructure, cybersecurity, digital transformation of government services, communications technology, digital payment systems and innovation.

Investment opportunities were also highlighted in hydropower, solar and biomass energy, infrastructure along regional economic corridors, and the production of iron, steel and cement and the potential of the Dawei Deep Sea Port and Special Economic Zone.

Finance

FE market rate stabled; Gold Prices Fluctuate

The kyat value was K4,400 per US dollar on average at market selling rate in September. Online trading through the Central Bank of Myanmar (CBM) throughout the month, trading millions of US dollars, yuan, and baht to stabilize the exchange rate and support imports of essential goods. According to CBM, online trading amount of US dollars 200 million, Thai baht 744 million and Chinese Yun 380 million was recorded during September.

16 Peye Gold price was stable as 10.1 million kyat in September.   Domestic fuel prices were at K 4,450-4,600 per litre in Octane and K 4,790-5,795 in diesel at the end of September which were much increased than August prices.

CHUBB Life Myanmar due diligence on policyholders nears completion at 90%

About 90 per cent of the due diligence process for life insurance policyholders has been completed in the case of CHUBB Life Myanmar Insurance Company, according to Deputy Minister for Finance and Revenue U Han Win Aung. The insurance company suspended its operations based on a unilateral decision without giving prior notice to policyholders, resulting in losses of about US$50 million in insurance premiums paid by more than 20,000 policyholders.

The Amyotha Hluttaw is reportedly discussing a proposal urging the Union Government to establish an Insurance Guarantee Fund and enact laws and regulations for a policy transfer protection system to ensure that policyholders do not lose their rights when foreign insurance companies suspend operations or withdraw from Myanmar.

Twenty-six domestic and foreign private insurance companies currently operate in Myanmar, and the state-owned Myanma Insurance also provides insurance services.

Trade

Myanmar ships nearly 1 million ton of maize

Myanmar primarily exports corn to Thailand and the Philippines.  Although Thailand’s tariff exemption period has ended, exports to the Philippines will continue. Robust demand from domestic feed processing factories currently raises prices. Myanmar cultivates approximately 1.38 million acres of maize, with annual production of over 84 million baskets (more than 2.06 million tonnes).

Import permits granted for 34 EVs through old-vehicle swap scheme

Import permits for 34 electric vehicles (EVs) were issued in September under the vehicle replacement scheme, according to the Ministry of Commerce.

Applications were submitted by owners who handed over their old vehicles to the Road Transport Administration Department (RTAD) in exchange for the right to import replacement EVs. Permits will be issued this month for EVs that meet the specified criteria. The Ministry of Commerce announced the old vehicle disposal and EV replacement scheme on 28 May 2026.

Car prices jump 10-20% on surging demand

According to the Myanmar Automobile Manufacturer and Distributor Association, car prices have risen as demand in the domestic auto market slightly outweighs supply.

The association said the surge in demand stems from the programme allowing owners to surrender older vehicles, including those over 20 years old, prompting many drivers to hand in their old cars and buy new ones. Because of this, demand is slightly higher, leading to a modest rise in car prices. Current vehicle prices have increased by at least 10 per cent to 20 per cent, adding that this price hike applies not only to fuel-powered vehicles but also to electric vehicles.

Manufacturing

Local fertilizer output covers only 3% of needs

Domestic fertilizer factories can produce and distribute only about three per cent of Myanmar’s total fertilizer demand according to Deputy Minister for Electricity and Energy U Kyaw Naing Win. Of the five fertilizer factories under the Ministry of Electricity and Energy, only No 4 Fertilizer Factory (Myaungtaka) and No 5 Fertilizer Factory (Kangyidaunt) are currently operational that output covers only 3% of market demand..

Due to limited natural gas supplies, the two factories produce and distribute about 10,000 tonnes of urea fertilizer a month. The deputy minister said the resumption of operations at suspended fertilizer factories and the construction of new ones depended on the availability of natural gas and the expansion of gas pipelines. Increasing domestic fertilizer production and distribution would benefit farmers, noting that a 50-kilogramme bag of urea fertilizer produced domestically costs about K45,000, compared with about K120,000 for imported fertilizer.

Oil millers eligible for development loans up to K500M

The Oil Mill Development Loan Management Task Force has announced that oil millers can now apply for development loans with a five per cent interest rate per annum to upgrade and install modern equipment in existing oil mills, build new modern oil mills and fund business operations.

Loan amounts are set from K10 to a maximum of K500 million for working capital with a one-year loan term, and K20 million to K500 million for fixed capital with a three-year loan term (one-year grace period and two year repayment with four instalments every six months).

Under the guidance of the government, the committee is offering low interest loans from the Edible Oil Mill Development Loan Fund established with capital from the State Economic Promotion Fund through the Myanma Economic Bank, Myanma Agricultural Development Bank, and 14 private banks.

Energy

Thanlyin Refinery to Launch as Thanbayakan Upgrades

As Phase I of the project, a modular refinery with an annual processing capacity of 500,000 tonnes, depending on the type and volume of available raw materials, is currently being implemented at the Thanlyin Oil Refinery in Thanlyin, Yangon Region. A variety of products will be produced.
Raw materials have already been procured from abroad and will be delivered to a designated port before being transported to the factory through a pipeline system to enable phased production to begin by the end of September.
In addition, the Ministry of Electricity and Energy announced that the Petrochemical Complex (Thanbayakan) Oil Refinery, located near Thanbayakan Village in Upper Minhla Township, Magway Region, will also be upgraded simultaneously.
Following the completion of Phase I, Phase II will be implemented. Upon completion of Phase II, the refineries are expected to produce and distribute 60 per cent of the nation’s petrol requirements and 50 per cent of its diesel requirements.