Five local projects licensed in Laos in Jan-Feb

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SaigonTimes English - 47 month(s) ago 15 readings

HCMC - Vietnamese investors got approval to spend more than US$432 million on five projects in neighboring Laos in the first two months of this year.

Five local projects licensed in Laos in Jan-Feb

By Quoc Hung - The Saigon Times Daily

HCMC - Vietnamese investors got approval to spend more than US$432 million on five projects in neighboring Laos in the first two months of this year.

The new investments brought the total number of Vietnamese invested projects in Laos to nearly 200 with total registered capital of more than US$3.3 billion.

Laos continued to be the top destination for Vietnamese investors, who have ventured into 53 countries and territories, according to the Ministry of Planning and Investment’s Foreign Investment Agency (FIA).

The number of Vietnamese projects in Laos has increased rapidly in recent years. Vietnam’s investments in Laos rose quickly in both project number and value over the past three years.

Saigon Invest Group, Hoang Anh Gia Lai Corp., Vietnam Coal and Mineral Industries Group, Vietnam Rubber Group, the military-run telecom services provider Viettel and Song Da Corporation are among the major Vietnamese investors in Laos.

They are active in fields such as mining, rubber tree growing, agro-forestry, energy, banking, insurance, telecommunications, trade services, urban development, and infrastructure construction.

Song Da Corporation on Sunday started construction on Xekaman 1 hydropower plant in Laos, the second hydropower project with Vietnamese involvement in the neighboring country.

Xekaman 1 hydropower project will be developed at a cost of some US$440 million, and will have a designed capacity of 322MW. The project construction will be completed within four years.

Saigon Invest Group (SGI), the developer of over 20 industrial zones in Vietnam and other real estate projects, will pour more than US$1 billion into its projects in Laos in the coming years in the power, rubber and property sectors.

It is developing the first three-star hotel in Houaphanh Province, which is expected to be ready in 2012.

Viettel is now one of the big telecoms service providers in Laos, with over 1,800 base transceiver stations and 1.6 million subscribers, while Vietnam Rubber Group has six projects in Laos to plant rubber trees on over 22,500 hectares.

Vietnam is now the largest foreign investor in Laos, according to FIA. And the Vietnamese Government always supports local businesses to do business in Laos.

Projects in Laos helped to generate jobs for some 10,000 Vietnamese and local workers.

Laos holds strong potential in infrastructure, tourism, mining, power generation, transportation, infrastructure and farming.

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