VN sets up first special economic zone in Laos

VGP - The Lao Ministry of Planning and Investment and Việt Nam’s Golf Long Thành 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.

January 08, 2012 7:32 AM GMT+7

The signing ceremony

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 Thành CEO Lê Văn Kiểm.

The signing was witnessed by Deputy PM Somsavath Lengsavad and his Vietnamese counterpart Nguyễn Xuân Phúc who was in Laos for the 34th session of the Việt Nam-Laos Intergovernmental Committee for Economic, Cultural, Educational and Scientific and Technological Cooperation.

At a reception for Mr. Kiểm, Lao Deputy PM cum Foreign Minister Thoong lun Sisoulith appreciated Golf Long Thành 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 US $4.5 million.

Mr. Kiểm, who was honored with Việt Nam’s Labor Hero title, vowed to build the special economic zone into a model for Việt Nam-Laos cooperation ties.