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Vietnamese companies take a shine to Myanmar


Hoang Anh Gia Lai (HAGL) Group from Vietnam have started construction of a US$440 million trade centre, hotel and service office complex in Yangon. Photo: Hong Sar/Mizzima

Hoang Anh Gia Lai (HAGL) Group from Vietnam have started construction of a US$440 million trade centre, hotel and service office complex in Yangon. Photo: Hong Sar/Mizzima

Taking advantage of the now open Myanmar economy, Vietnam has been actively promoting investment activities through both its public and private sector, reports Deal Street Asia on April 6.

The year 2010 marked an important milestone in the development of cooperation between the two countries. Last year, two-way trade reached almost $480 million [K480 billion], increasing, by two times as compared to two years earlier.

The governments expect the figure to hit $500 million mark this year and plan to accelerate collaboration in sectors of agro-forestry, fisheries, finance, banking, telecommunications, transport, oil and gas, and tourism, among others, according to the report.

Myanmar has agreed to allow the Bank for the Investment and Development of Vietnam to open a branch, the Vietnam National Oil and Gas Group to expand oil and gas exploration, and the military-run telecom provider Viettel to set up a joint venture with Yantanarpon Teleport of Myanmar.

It has also called for more support from Vietnam in its rubber and food production industries while seeking investment for its three new economic zones, including Thilawa near Yangon.

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