Hồ Chí Minh City-based C.T Group has submitted the plans to develop Việt Nam – Myanmar Industrial Zone (IZ) in a recent meeting with H.E. Nyan Tun – Vice President of Myanmar, according to a local newspaper.
The IZ will accommodate many Vietnamese manufacturers, since it will offer them “the opportunities to expand the commodity market into Myanmar by directly relocating production facilities to this industrial zone,” the Naypyidaw-based New Light of Myanmar newspaper reported.
The need for an appropriate production base is very critical, and Vietnamese manufacturers find it very difficult in searching such sites where goods can be produced in Myanmar as a potential market, according to the newspaper.
As a result, the recent move of C.T Group is enthusiastically supported by Vietnamese entrepreneurs.
C.T Group is aggressively implementing many business activities in Myanmar market, the Naypyidaw-based newspaper reported.
It is also expanding to Indonesian market with the establishment of C.T VIM Co with an aim to develop goods distribution system in the three markets, a move is said to be a preparatory step for the milestone of the ASEAN common market establishment in 2015.
Many other Vietnamese realty developers want to follow Hoàng Anh Gia Lai Group after it set the foothold in Myanmar’s realty sector in June this year with the construction of the US$440 million complex project of Hoàng Anh Gia Lai Myanmar in downtown Yangon City.