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Myanma Shipyards picks Vietnam firm for JV
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.