ASEAN Telecommunication 2020/09/16 (Vol.641)
ASEAN Telecommunication Japan-Southeast Asia Economic Exchange Magazine
➤Vietnam：Japanese experts to arrive in Ho Chi Minh City for metro construction
➤Myanmar：Tokio Marine to form JV with Grand Guardian to enter Myanmar
➤Cambodia：Sen Sok to welcome new shopping mall
■Vietnam：Japanese experts to arrive in Ho Chi Minh City for metro construction
A team of Japanese experts is expected to arrive in Vietnam later this month to facilitate the construction of metro route No. 1 in Ho Chi Minh City.
Six Japanese experts will land in Vietnam on September 18 and undergo 14-day quarantine following their arrival, the Ho Chi Minh City Management Authority for Urban Railways (MAUR) confirmed on Thursday.
These pundits are in charge of carrying our preparations for the import of the first train of the city’s metro route No. 1.
Two South Korean experts had previously arrived in the southern metropolis and begun working on the construction site of the metro line on August 24, after completing the government-mandated quarantine period.
The two experts are in charge of installing the roof of Tan Cang Station, which is expected to be completed by the end of October.
As foreign experts are now allowed to enter Vietnam, the implementation of metro route No. 1 in Ho Chi Minh City will be expedited, according to the MAUR.
The agency will continue working with relevant agencies to bring other foregin experts into Vietnam to work on the construction site.
More than 100 foreign personnel who play important roles in the construction of the metro system were previously unable to enter Vietnam due to the novel coronavirus disease (COVID-19) pandemic.
Metro route No. 1, which runs from Ben Thanh in District 1 to Suoi Tien in District 9, is 19.7 kilometers long, including 2.6 kilometers running underground and 17.1 kilometers of elevated railways.
The project includes three underground stations and 11 stations above the ground.
The construction started in August 2012, and about 72 percent of the work has been finished as of September 2020.
About 85 percent of the project is expected to have been completed by the end of this year, and the metro will come on stream in late 2021.
■Myanmar：Tokio Marine to form JV with Grand Guardian to enter Myanmar
Tokio Marine has reached an agreement to form a joint venture general insurance company with Grand Guardian Insurance Holding (GGIH) to foray into the general insurance market of Myanmar.
Under the arrangement, the Japanese insurer will acquire a 35% stake in Grand Guardian General Insurance Company (GGGI), the casualty arm of GGIH.
Tokio Marine Myanmar JV
The investment is likely worth about JPY5bn ($44.7 million), according to asia.nikkei.com.
The move follows the Myanmar government’s decision in January this year to allow foreign insurance companies to offer products in the country either on their own or through joint ventures.
Interested foreign non-life insurers are required to file application to form joint ventures ended last Friday. For life insurers, the application period ends on May 3.
The government is expected to announce the names of shortlisted applicants by end of May this year.
“In markets with high growth potential where we aspire to significantly expand into, we will accelerate our strategic M&A initiatives for the further growth and diversification of our global portfolio.” Tokio Marine said in its press statement.
As part of its growth strategy, Tokio Marine acquired Thailand general insurance company Safety Insurance last year.
It also acquired a 22.5% stake in Hollard Holdings and Hollard International, insurance group in South Africa and adjacent countries, in 208.
Other foreign insurers in the fray to acquire the licence include Nippon Life Insurance, MS&AD Insurance Group Holdings subsidiary Mitsui Sumitomo Insurance, Sompo Holdings, and Meiji Yasuda Life Insurance, asia.nikkei.com report added.
■Cambodia：Sen Sok to welcome new shopping mall
Phnom Penh’s latest shopping mall will open its doors to the public early next year, the developer told Khmer Times yesterday.
B2B Park is now being raised in the capital’s increasingly popular Sen Sok district, which already hosts several shopping malls.
Thourn Sinan, CEO and president of B2B Park, said the project is a modern mixed development financed by local investors.
“Our development mixes a new concept, attractive design, and functionality. The park will meet the rising demand for shopping malls in the area,” he said.
The mall’s six-storey building is already finished, he said, occupying 20,000 square metres with space for 5,000 vehicles.
B2B Park will have restaurants, bars, cafes, stores, showrooms, office space, and meeting rooms. The first floor will host a ‘digital park’ boasting electronic products from the world’s most recognised brands.
Thida Ann, associate director of real estate company CBRE Cambodia, praised the choice of location, saying Sen Sok is an emerging district becoming very popular with the city’s growing middle-class.
“B2B Park will be located near several other shopping malls. I think B2B understands this and strives to be different. If they target the middle-class, they will be successful,” she said.
Mr Sinan said his project will offer an affordable alternative to some of the other malls in the area.
“B2B Park is near other well-known malls like Aeon II, Global House and Makro. But we don’t want to compete with them. We want to complement them. Each mall should complement each other.
“Our mall targets a wide range of consumers, from low to high-income people, so that anyone can enjoy a nice meal for just $2.5,” he said.
According to Mr Sinan, B2B Park will organise exhibitions and fairs every month bringing exhibitors from around the region.
“We will also have weekly events where importers and exporters will be able to sell their products at discounted prices,” he added.
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