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VN builder gets Myanmar okay

Update: December, 10/2012 - 10:41

DA NANG (VNS)— Hoang Anh Housing Development and Construction Joint Stock Company (HAGL Land) had been granted an investment licence for a US$300 million project in Myanmar, the company general director Le Hung told Viet Nam News last week.

The Hoang Anh Gia Lai Myanmar Centre project, covering an area of 8ha in Yangon, will include a 27-storey office building, a trade centre and a five-star 25-storey hotel.

"We received an investment license from the Myanmar Investment Commission last week. The project will be constructed in two phases over six years," Hung said.

"The trade centre and office block should be ready to lease out in three years. We have invited Vietnamese wholesale companies to introduce made-in Viet Nam products at the trade centre," he said.

Hung also said demand from Myanmar was likely to increase in the future as the market opened up to foreign investors.

Statistics showed that by the end of last year, Viet Nam had 15 investment projects planned in Myanmar with total registered capital of $514 million.

The first Vietnamese investors include Simco Da River Company, Military Telecommunication Group (Viettel), Vietnam Airlines, PetroVietnam, PetroVietnam Exploration and Production Corporation (PVEP) and Viglacera Corporation. — VNS

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