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NEWS UPDATES 30 March 2010

Vietnamese steel-maker to set up business in Myanmar

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Vietnamese steel-maker Hoa Sen Group will invest about $300 million into its first overseas investment project in Myanmar next year, primarily to manufacture corrugated iron, steel and construction materials, reported VietNamNet Bridge.

The plan was approved at a shareholders meeting held in the city on Saturday. The $300 million project will be completed in four phases. The first phase will cost $10-30 million.

Representatives from Hoa Sen Group and several other Vietnamese companies will accompany the Prime Minister on an official visit to Myanmar to sign a memorandum of understanding concerning the project with the country's Ministry of Industry. The group will also establish a representative office in Myanmar's capital.

According to Hoa Sen Group's board of directors, the potential market in Myanmar, with support from the two governments, will create favorable conditions for the project.

The group has already visited Myanmar to gauge investment opportunities. Le Phuoc Vu, the group's chairman and general director, said that Myanmar was a good match for Hoa Sen Group's products.

He added that Myanmar's government would create favorable conditions for Vietnamese businesses to invest in areas that will benefit both sides.


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