November 18, 2009 19:28 PM

Vietnamese Businessmen To Invest In Myanmar's Hotel Industry

YANGON, Nov 18 (Bernama) -- Vietnamese businessmen will invest in Myanmar's hotel industry for the first time, as part of its engagement in the country, sources with the Myanmar Hoteliers Association said on Wednesday.

The planned hotel is to be built near Myanmar's current top-level one, the Sedona, located on the Kaba Aye Pagoda Road in the biggest city of Yangon, the sources said without disclosing further information, China's Xinhua news agency said.

There are some other foreign-invested hotels operating in the city, which are three from Thailand, one from Singapore and the other from China, it said.

Meanwhile, a Vietnamese airline is also planning to fly Myanmar as a new destination, it added.

According to official statistics, Vietnam's investment in Myanmar hit some US$23.4 million in nearly 21 years up to the end of May this year since the country opened to such investment in late 1988.

Vietnam stands the 16th among Myanmar's exporting countries and 11th among importing ones.

Myanmar mainly exported its forestry products to Vietnam, followed by agricultural produces, seafood and electrical spare parts, while it imported from Vietnam steel, electronic goods, pharmaceuticals, medicines, industrial products, chemical products, computer and accessories, plastic, cosmetics and engine oil.

Official statistics show that Myanmar-Vietnam bilateral trade in the first nine months of 2009 hit some US$60 million.

Of the total, Myanmar's export to Vietnam took some US$42 million, while its import from Vietnam stood at US$18 million, enjoying a trade surplus of US$24 million.

-- BERNAMA

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