Big shipbuilding deal underway

Big shipbuilding deal underway
by -
Mizzima

Myanmar Shipyards has announced it will build 30 merchant vessels in a $175 million deal that will be completed in 2017.

The shipyard, a state-owed enterprise, and a Vietnam company, Dong A Shipbuilding Industry, began work last month, Myanmar Shipyards director U Maung Maung Aung told the media.

An agreement between the Ministry of Transport and Dong A Shipbuilding Industry was signed in January 2015.

The joint venture is aimed at attracting more foreign orders for vessels build in Myanmar, officials said.

The new company will be capable of building vessels of up 22,000 deadweight tones (dwt) and repair vessels of up to 30,000 dwt as well as conduct other ship building-related enterprises.

Union Minister for Transport U Nyan Tun Aung said Myanmar Shipyards has been mainly repairing and building vessels for 45 years.

“It needs capital, technology and markets to enlarge the enterprise, which is why we invited foreign investment,” he said.

“We believe that this enterprise will provide technical support to develop the country and the economy,” said U Nyan Tun Aung.

A new dockyard capable of handling modern, larger vessels, as well as upgrades to existing shipyards, and human resources improvements are included in the deal.

The government will provide land, shipbuilding facilities, machines, equipment and materials under the agreement.

More news from Mizzima
April 3, 2025
Crowds jostled through traffic and braved scorching heat on Wednesday in a race to secure vital...
A resident carries belongings over debris next to a damaged building in Naypyidaw on March 28, 2025, after an earthquake in central Myanmar. Photo: Sai Aung Main/AFP
April 1, 2025
A powerful earthquake inflicted severe damage on key junta ministry offices in Naypyidaw,...
This UGC photo taken and posted by Hla Myo Aung on Facebook on March 28, 2025 shows a damaged building in Sagaing, following an earthquake. (Photo by Handout / Courtesy of Facebook user Hla Myo Aung / AFP)
March 31, 2025
According to the Committee Representing Sagaing Hluttaw, the March 28 earthquake destroyed about...
March 27, 2025
Decreasing water levels in Inle Lake, located in Nyaung Shwe Township, Southern Shan State, are...