Vietnamese firms eye investment in Burma

Le Hung Vong
Viet Nam News
Publication Date: 23-02-2010

Gia Lai Joint Stock Co (HAGL) will be among several Vietnamese companies to invest in Burma, chairman of the company’s management board Doan Nguyen Duc has told local media.

In an interview with the Dau Tu (Investment) newspaper after a trip to Burma earlier in February, Duc said: “We’ve mulled over this investment destination more than four years ago. At present all of our investment projects in Cambodia and Laos have gone smoothly.

“A big company like HAGL could never attain a growth rate of 70 per cent a year if it only invests in the local market.”

Duc said no more investment was needed for some sectors in the local market, such as the property sector in HCM City.

HAGL business activities are focussed on four main sectors: real estate, minerals, industrial crops and hydropower plants.

Duc claimed that the use of his personal aircraft had provided easier access to overseas markets. In 2008, Duc bought a Beechcraft King Air 350 plane for US$7 million to operate which he reportedly spends 300 million dong ($18,300) a month.

The cost of operating his own aircraft was only as high as what he would spend on air tickets if he flew with other airlines, Duc said. continue