Business
Vietnam sets up first special economic zone in Laos
The Lao Ministry of Planning and Investment and Vietnam’s Golf Long Thanh Trade and Investment JSC signed an agreement in Vientiane on January 7 to upgrade the Vientiane golf course and real estate complex to a special economic zone.
Both sides agreed to amend and supplement the complex project in line with Laos’ Special Economic Zone development policy.
Signatories to the document were Lao Minister of Planning and Investment Somdy Douang and Golf Long Thanh CEO Le Van Kiem.
The signing was witnessed by Deputy Prime Minister Somsavath Lengsavad and his Vietnamese counterpart Nguyen Xuan Phuc who was in Laos for the 34th session of the Vietnam-Laos Intergovernmental Committee for Economic, Cultural, Educational and Scientific and Technological Cooperation.
At a reception for Kiem, Lao Deputy Prime Minister cum Foreign Minister Thoong lun Sisoulith appreciated Golf Long Thanh JSC’s long-term investment plan in Laos and said he believes that the special economic zone will operate efficiently and be a symbol of trade and investment cooperation between the two countries.
He thanked the company for carrying out charitable activities in Laos, including building schools, building houses for the poor, refurbishing cemeteries, supporting Lao war veterans and providing surgeries for 3,000 blind people with total capital of more than $4.5 million.
Kiem, who was honoured with Vietnam’s Labour Hero title, vowed to build the special economic zone into a model for Vietnam-Laos cooperation ties.
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