- Italian-Thai’s hydropower project in lower Myanmar allegedly stops
- Swiss Upper House Speaker paves the way for Swiss investments in Myanmar
- Myanmar spends US$300m annually for palm oil imports
- First Central Cooperatives Business Center to be opened in June
- Wood, finished-wood products export gets exemption from custom check
- Best Western group to hand over Myanmar’s Green Hill Hotel
- Criticisms hit mall’s construction near sacred pagoda
- Import cargo services to be privatized in Yangon International Airport
- Myanmar to form “trade facilitation” force
- Myanmar Microfinance Bank to be launched
Published on Friday, 09 November 2012 18:03
Ships being built and repaired at Sinmalite Shipyard, Yangon (Photo - EMG)
Myanma Shipyards will enter into a joint venture with Dong A Shipbuliding Industry JSC from Vietnam, said Kyi Soe, director general of the local firm.
Dong A Shipbuliding Industry JSC is the mother company of Myint Mo Oo Company in Myanmar.
Myanma Shipyards, however, needs permission first from the Myanmar Investment Commission. If the commission approves, this will be the first joint venture with a foreign company under the new government.
The Vietnamese firm will invest 49 per cent of the total capital of US$81 million. The venture is expected to start in 2013.
The joint venture is meant to improve the company’s market competitiveness and acquire advanced technology.