According to Myanmar’s Ministry of Hotels and Tourism, since the first Foreign Investment Law was promulgated and the country’s Investment Committee was established in 1988, many international investors have been interested in the tourism hotel sector.

By mid-December this year, Myanmar had 35 foreign-invested hotel projects with a capacity of 6,235 rooms across the country.

Since 2012, when Duc Duc’s Hoang Anh Gia Lai Group (HAGL) officially entered this market share, the situation has changed.

Myanmar Minister of Hotels and Tourism, H.E U Htay Aung said: `HAGL is not only the first Vietnamese investor to invest capital in the hotel and tourism sector but also the largest foreign investor,

The frontage of the 8-hectare land is located in the center of Yangon, Myanmar’s largest city, where HAGL will deploy a 300 million USD complex project.

According to Mr. H.E U Htay Aung, the Hoang Anh Gia Lai Myanmar Center project includes a 5-star international hotel with more than 400 rooms, a commercial center, office buildings and serviced apartments for rent.

In 2012, there were 1 million international visitors to Myanmar, an increase of about 20% compared to the previous year.

Mr. H.E U Htay Aung analyzed that the Foreign Investment Law passed by the Myanmar parliament is creating attraction for many foreign investors.

Perspective of the Hoang Anh Gia Lai Myanmar Center complex project in Yangon, Myanmar with 3 facades, one facing the lake shore.

Talking to VnExpress.net after the signing ceremony of the Build, Operate Transfer (BOT) contract and land lease contract with the Myanmar General Directorate of Hotels and Tourism, HAGL Land General Director Le Hung said: `Hotels, offices

Mr. Hung said that currently all legal procedures for the project have been completed.

General Director of HAGL Land commented that in the context of Vietnam’s quiet real estate and prolonged crisis, this is a favorable time to invest in Myanmar.

`Myanmar is very new and changes every day. When it is completely open, investors will rush into it. We want to have products available to catch opportunities in this market because the more we delay, the faster the race will be.

Myanmar currently has 60 million people and is one of the poorest countries in the world, with an average income per capita of about 1,300 USD according to purchasing power parity (PPP).

In 2009-2011, world investors began to smell this new `gold mine`.

Vu Le