YANGON, Feb. 2 (Xinhua) — Myanmar and Vietnam have signed an agreement to establish a joint venture to operate vessel building, a semi-official media reported Monday.
The 175.4 million U.S. dollars’ joint venture was established between state-run Myanma Shipyards and Dong A Shipbuilding Joint Stock Company of Vietnam with 89.5 million U.S. dollars or 51 percent shared by Myanmar Shipyards and 85.9 million dollars or 49 percent taken up by the Dong A company.
Following the signing, the joint venture made deal with three other companies on construction of clinic boat, fish trawler and 30 container vessel, general cargo and tankers, the Ministry of Transport was quoted as saying.
Meanwhile, the dock of Myanmar Shipyards will also be upgraded to build vessels of 22,000 dwt and repair vessels of 3,000 dwt in addition to other dock-related business under the joint venture.
According to statistics, Vietnamese investment in Myanmar topped 600 million U.S.dollars in 2014, ranking the 8th in Myanmar ‘s foreign investors’ line-up.