Vietnam’s Eurowindow plans to invest up to $120m in Myanmar factories
Eurowindow, Vietnam’s leading supplier of doors and facades, plans to invest up to $120 million in setting up two factories in Myanmar to supplement both local and regional demand.
Speaking on the sidelines of the opening ceremony of its Myanmar representative office, Eurowindow general director Nguyen Canh Hong said the company will be investing $15-20 million in the first factory, construction on which is expected to start in 2019. The locations of the factories are yet to be decided. The first factory is expected to produce doors and windows, while the second factory will manufacture other construction materials such as interior equipment.
The firm’s flagship products include aluminium doors, uPVC doors and wooden doors.
Hong said Eurowindow later plans to expand into real estate development in Myanmar, similar to what it does in Vietnam. The firm is among the 138 Vietnamese enterprises doing business in Myanmar. Vietnam’s foreign direct investment in Myanmar reached $1.38 billion in 2017.
Eurowindow first started catering to the Myanmar market in 2014 by selling its products.
Vo Thi Ngoc Diep, trade counsellor at the Vietnamese Embassy in Myanmar, said the decision of Eurowindow’s expansion comes at a time when Myanmar’s construction industry is growing at an average of 30 per cent per year.
Eurowindow signed its first contract in Myanmar on March 16 with HTE Integrated (Myanmar) Ltd to supply wooden, aluminium doors and glass walls for the Super Hotel project in Thilawa Special Economic Zone.
Eurowindow generated revenues of $142 million in 2017 and targets to be a leading supplier of doors, windows and construction products in the Southeast Asian region.
Source: https://www.dealstreetasia.com/stories/vietnam-eurowindow-myanmar-factories-94465/
