The inaugural Asian Socialist Conference, an organisation of socialist political parties, opened in Rangoon with 177 delegates, observers and fraternal guests.

The Asian Socialist Conference (ASC) was an organisation of socialist political parties in Asia that existed between 1953 and 1965. It was established in an effort to build a Pan-Asian multinational socialist organization, clearly independent from earlier European colonial centres, yet free from the new superpowers of the Cold War.

Socialism is an economic and political philosophy encompassing diverse economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. It describes the economic, political, and social theories and movements associated with the implementation of such systems. Social ownership can take various forms, including public, community, collective, cooperative, or employee. As one of the main ideologies on the political spectrum, socialism is the standard left-wing ideology in most countries. Types of socialism vary based on the role of markets and planning in resource allocation, and the structure of management in organizations.

Yangon, formerly romanized as Rangoon, is the capital of the Yangon Region and the largest city of Myanmar. Yangon was the capital of Myanmar until 2005 and served as such until 2006, when the military government relocated the administrative functions to the purpose-built capital city of Naypyidaw in north central Myanmar. With over five million people, Yangon is Myanmar's most populous city and its most important commercial centre.