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Myanmar Business News in Brief

Myanmar, Vietnam eye half a billion dollars in trade

Myanmar and Vietnam have targeted to raise the countries’ bilateral trade to $500 million. The issue was discussed between President U Thein Sein and Vietnamese Prime Minister Nguyen Tan Dung on the sidelines of the 7th Summit of CLMV in Naypyitaw. According to official statistics, Myanmar-Vietnam bilateral trade reached $239.28 million in the fiscal year 2014- 15, of which Myanmar’s export to Vietnam stood at $56.05 million.

Irish digital marketing group targets Myanmar

Brandtone, a Dublin-based digital marketing firm that markets brands like Pepsi and Kelloggs, is eyeing Myanmar as its next market, according to Irish media reports. The company, founded by Donald Fitzmaurice and Padraig McBride, recently completed an €18.5 million fundraising round to enable expansion into new markets. Brandtone is thought to have been approached for a sale, with Facebook, Twitter and WPP among potential buyers.

ITRI to expand water plant in Dala

Taiwan’s state-run Industrial Technology Research Institute (ITRI) said it is planning to expand a water plant that it had built in Dala township in Yangon to supply clean drinking water, according to Taiwanese media reports. With the expansion, the plant will be able to provide water for about 7,500 people daily in the southern Yangon township, where water shortage is endemic. The existing water treatment facility in Dala, which was built by ITRI in 2014, currently provides clean drinking water to 700-1,000 people a day.

Two dead, dozens injured in collapse at luxury hotel building site

Two construction workers were killed and dozens injured when part of a luxury hotel being built in Mandalay collapsed, AFP reported. The site, which is being built by local contractors, is set to become a luxury Pullman hotel, a spokeswoman for the Accor Hotels group told AFP, who said the company was seeking further information on the incident. Three firms were responsible for construction at the site, according to police who said it is not yet known what caused part of the building to suddenly collapse.

Myanmar sets up trade office in Taiwan

Myanmar has established a trade office in Taiwan to promote bilateral trade relations, Taiwan’s Ministry of Foreign Affairs said. In a statement, the ministry said the Myanmar Trade Office opened on June 22 in Taipei and is headed by Thet Lwin Oo from Myanmar’s Ministry of Commerce. The Myanmar Trade Office will be responsible for promoting bilateral trade, investment, business, transportation, tourism, and agriculture cooperation, the ministry said.

More jade lots in display this year

Myanmar displayed over 8,900 jade lots, up about 1,500 compared with the previous year at the annual gems emporium held in Naypyitaw. The gems emporium attracted more than 2,200 gems merchants from China, Hong Kong, Thailand, Malaysia and Israel, and nearly 3,000 local gems merchants. The previous edition of the emporium fetched $3.4 billion, up $1 billion compared with 2013.

EU seeks aromatic rice import deal with Myanmar

The European Union is seeking to import Myanmar’s aromatic rice as demand in Europe is on the rise, according official media reports. Officials of the Myanmar Rice Federation (MRF) said Myanmar can grow both short and long grain aromatic rice to meet EU demand through contract farming system, pointing out that exporting to Europe would enable Myanmar growers to diversify their markets. MRF said Myanmar targets to export some 200,000 tonnes of rice to the EU this year against 100,000 tonnes last year.

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