Vietnam’s Viettel and Myanmar state-backed Yatanarpon Teleport (YTP) are reportedly awaiting approvals to invest at least US$800m to develop the latter’s telecoms infrastructure.
Last month, Viettel Global, the investment unit of the Vietnamese…
Vietnam’s Viettel and Myanmar state-backed Yatanarpon Teleport (YTP) are reportedly awaiting approvals to invest at least US$800m to develop the latter’s telecoms infrastructure.
Last month, Viettel Global, the investment unit of the Vietnamese state-owned telco, revealed details of a planned US$1.8bn 50-year project to develop a public telecoms network in Myanmar.
Viettel would contribute US$800m of the total cost, while the other US$1bn would come from “foreign partners”, according to a document based on a recent shareholder meeting.
Reuters cited an official in Hanoi with direct knowledge of the matter as saying Viettel’s partner for the project is YTP.
YTP is described on its website as “a key player for ICT sector development in Myanmar” established by the Ministry of Post and Telegraph in 2006.
Viettel is likely to announce whether or not its shareholders have approved the investment on 15 December, the news agency cited the company as saying.
YTP board member Yan Win reportedly said the board is waiting for the management team to endorse the investment.
On its website, Viettel Global says it has investments in Cambodia, Cameroon, Haiti, Laos, Mozambique, Peru and East Timor. In October, it won a licence to build a 3G network in Tanzania.
Neither Viettel nor YTP was immediately available for comment on the Myanmar project.
