Dec 13, 2011

Vietnam investors to build Yangon hotel

Vietnam has announced its intention to invest in Myanmar’s hotels and tourism sector, Minister for Industry and chairman of the Myanmar Investment Commission U Soe Thein told local media last month.

He said an unnamed Vietnamese company would build a hotel at the site of a former ministry building near the Sedona Hotel on Kabar Aye Pagoda Road.

He said both MIC and Vietnamese officials involved in the deal did not want to divulge any more details at this stage because no memorandum of understanding had been signed.

“The two governments have agreed to make the investment but the Vietnamese investors complained that they have been trying for two years to get the project started but have not seen any results,” said U Soe Thein.

He added that “huge” foreign investments would be made in the next six months, which the government was trying to encourage by inviting both foreign and local investors to develop the hotel and tourism sector.

Source: Myanmar Times