Mekong Monitor: Amata Group’s Yangon eco city projects gets government approval


Photo credit: The Myanmar Times

 

TRADE, ECONOMY, AND INVESTMENT

 

MYANMAR, THAILAND

Amata Group’s Yangon eco city projects gets government approval
(29 October 2019) The Myanmar Investment Commission (MIC) has given Thai developer Amata Group approval to go ahead with the development of the proposed Yangon Amata Smart Eco City project. The US$270 million project located near Lay Daunk Kan Village in Yangon’s Dagon Township will be developed as a 80/20 joint venture between Amata Group and Myanmar’s Ministry of Construction. The project, which falls under the ministry’s larger plans to develop some 6,500 hectares of land in Yangon, will eventually cover 800 hectares near Lay Daunk Kan Village in Yangon’s Dagon Township.
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VIETNAM, LAOS

Viettel reaches 10-year milestone in Laos
(24 October 2019) Vietnamese telecommunications group Viettel celebrated its tenth year of providing services in Laos through its local subsidiary Unitel — a joint venture between Viettel and Lao Asia Telecom. According to Unitel head Luu Manh Ha, the company has so far developed 8,000 base transceiver stations and installed 30,000 kilometres of fibre-optic cable. He added that Unitel has also contributed almost US$650 million to the country’s state budget, besides creating over 20,000 domestic jobs. Moving forward, Unitel will focus on piloting 5G services in the country.
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CAMBODIA, VIETNAM

Vietnam set to be 9th largest remittance receiver in 2019
(29 October 2019) Cambodia’s national airline Angkor Air took its first flight to Vietnam’s Da Nang this week, marking the first time a flight has flown directly from Phnom Penh to Da Nang without having to transit through Ho Chi Minh City. The new route, which will fly five times a week, is expected to boost tourism between the countries. Cambodia recorded a 4.6% year-on-year increase in visitors from Vietnam in the first seven months of 2019, totalling 470,000 visitors.
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VIETNAM

Vietnam set to be 9th largest remittance receiver in 2019
(24 October 2019) Vietnam is on track to end the year as one of the world’s top remittance receivers, according to a World Bank brief which projects that the country will receive US$16.7 billion in remittances this year. This would make Vietnam the ninth largest remittance receiver globally this year, and second in Southeast Asia behind the Philippines, which ranked 4th globally. According to local analysts, Vietnam’s remittance inflows has been growing steadily in the past two decades — from US$1.3 billion in 2000 to US$16 billion in 2018, accounting for 6.4% of its GDP.
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VIETNAM

Vietnam receives over US$29 billion in foreign investment in ten months
(25 October 2019) Vietnam recorded a 4.3% year-on-year increase in foreign direct investment inflows totalling US$29.11 billion from January to October 2019. According to the Vietnamese Ministry of Planning and Investment, around US$5.47 billion went to existing projects, while US$12.83 billion went to 3,094 new projects — representing a 25.9% increase in the number of projects when compared to the same period in 2018. The remaining US$10.81 billion were capital contributions and share purchases by foreign firms which increased 70.5% year-on-year. Sector-wise, US$18.83 billion or 68.1% of the sum went to the processing and manufacturing sector, while the property sector saw US$2.98 billion or 10.2% of total investments.
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About Greater Mekong Subregion (GMS)

The Greater Mekong Subregion (GMS) Economic Programme was launched by the Asian Development Bank in 1992 connecting five developing ASEAN countries, namely Cambodia, Laos, Myanmar, Vietnam and Thailand, and Chinese provinces of Yunnan and Guangxi Zhuang Autonomous region. The region has some of the most robust economies sharing the Mekong River Basin thanks to its reform and liberalisation. The subregion is growing at a faster pace than the whole of East Asia and the Asia Pacific as the GDP growth rate for 2017 was at 6.4 percent, according to the World Bank. The population at the subregion as of 2016 is at 340 million while the GDP at PPP is at US$3.1 trillion in 2016. In 2015, trading within the region was at US$444 billion.