Vietnam, Myanmar sign $390 mil project agreement

TN News

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Vietnam and Myanmar this week signed an agreement for commercial, agricultural and pharmaceutical projects worth US$390 million.

The biggest part of $300 will be invested into a commercial center in Myanmar's former capital, Yangon, news website VnExpress reported.

The complex of eight hectares including shopping mall, hotels and high-end apartments is another investment by Doan Nguyen Duc, one of Vietnam's richest men and owner of Vietnam's second-largest real estate firm, Hoang Anh Gia Lai.

The complex is among several projects signed during the first official visit of Vietnam's Prime Minister Nguyen Tan Dung to Myanmar on December 19.

Other projects include an agricultural service complex in Yangon worth $55 million, between Vietnam's investment management and real estate development firm VinaCapital, An Giang Plant Protection JSC, and Green Asia of Myanmar.

Another agricultural project worth $15 million will be invested in by Viet Trang agricultural produce import and export company in Ho Chi Minh City and Myanmar's Sann Shwe Co., which is a seed and breed production center of 10,000 hectares in Myanmar's capital Nay Pyi Taw.

Vietnam's ASV Pharma group will cooperate with Myanmar Entrepreneur Investment in a pharmaceutical production project estimated at $20 million in Yangon.

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